Eximbay’s cryptocurrency a step forward in cutting-edge payment services
Eximbay, South Korea’s No 1 overseas payment services provider, offers a seamless and integrated global cross-border payment platform for online and offline merchants covering almost all transaction services
[Country Business Reports interviews and articles by Discovery Reports www.discoveryreports.com]
Omni-channel shopping is the latest trend in 21st century consumption. Digital, wireless, cloud and mobile technologies are fuelling the rise of online retail and electronic commerce (e-commerce) – dramatically impacting the way the world does business.
As consumers shift between different shopping channels – such as retail stores at malls, smartphones, laptops and trendy pop-up stores – businesses have to deal with the stresses of investing in and managing multiple payment platforms. Eximbay, South Korea’s No 1 overseas payment services provider, offers a seamless and integrated global cross-border payment platform for online and offline merchants covering almost all transaction services.
Founded in Singapore in 2006 and headquartered in South Korea, the dynamic company proves its ability to keep in step with changing times. Aiming to bridge the gap between cashless spending and cross-border transactions, Eximbay has begun to diversify its portfolio of payment solutions with a new cryptocurrency, specifically targeting travellers and tourists, slated for release in April this year.
“Eximbay is known as a payment and transaction company, but we now have the tool to become a big player in financial services,” says Jason Kim, CEO. “EBCoin is a game-changing cryptocurrency that eliminates travel-related obstacles, enabling users to travel without cash.”
The strategic move is part of the company’s initiatives to expand its scope of expertise and further penetrate the Asian market – where it has customers in South Korea, China, Japan and Southeast Asia.
Asia-Pacific – the world’s largest retail e-commerce market with sales expected to reach US$2.75 trillion by 2020 – is a highly untapped and particularly promising market for alternative payment solutions.
“We specialise in integrated, packaged, overseas, one-stop cross-border transaction payment services, and are a one-of-a-kind company in South Korea and in Asia to be able to provide these kinds of services for foreign markets,” Kim says.
Apart from its global credit card payment services supporting major financial services groups such as Visa, MasterCard, American Express, JCB and UnionPay, Eximbay’s comprehensive payment solutions include website and mobile payments; an online-to-offline messenger payment service using quick response bar codes; and an email billing payment solution that enables merchants to send invoices with embedded payment links to customers via email.
The company’s dynamic currency conversion service also allows online foreign buyers to view the price of an item in their real-time home currency before paying with their credit cards. The company’s multicurrency acquiring service, meanwhile, allows merchants to settle foreign payments in their home country’s currencies.
Combined with its risk management solutions for overseas online transactions such as 2D- and 3D-secure features, Eximbay guarantees a secure global payment environment for buyers and merchants.
“We provide easy payment solutions while reducing risk, and are here to ease our customers’ transaction worries,” Kim says. “We are here to meet every client’s needs and make sure that each country uses our services to meet the demands of global customers.”
With its sights set on an initial public offering this year, Eximbay aims to expand further into Hong Kong, mainland China and Southeast Asia through partnerships and joint ventures with local banks and local payment providers.
It is especially interested in the global tourism and travel market, in line with the launch of EBCoin, and is already a reliable partner in global travel solutions trusted by airlines such as Korean Air and Jeju Air.
“Our success stems from persistence,” Kim says. “When we started, the market for cross-border payment services was very limited. But three to four years ago, it grew very fast because of the boom in information technology and e-commerce. We earned more than US$9.2 million in 2016 and expect our earnings to have doubled in 2017.”