Recently, Oceanpayment announced the launch of an innovative payment solution in the Malaysia market, introducing GrabPay as a new local payment method for merchants. This strategic move aims to advance cross-border e-commerce along the ‘Belt and Road,’ facilitating seamless connectivity for merchants through localized operations and market services. The objective is to broaden the scope of overseas services, opening doors to increased growth.
Source：Grab
Referring to the steady upward trend in tourism, Mr. Tiong King Sing, Malaysia’s Minister of Tourism, Arts, and Culture, remarked, “Malaysia Tourism Year could perhaps be extended to 2026.” With the recent policy between the two governments to simplify entry requirements, allowing citizens to travel freely between China and Malaysia, many businesses have intensified their operations to leverage the potential upsurge in e-commerce transactions. To that end, Oceanpayment launched GrabPay, a payment solution facilitating localization for the Malaysian ecosystem, to support cross-border merchants in their ongoing expansion across Southeast Asia. We aim to offer consumers a world-class online shopping experience with an end-to-end service that is seamless, convenient, and secure.
In recent years, the e-commerce market in Southeast Asia has experienced unprecedented and rapid growth, driven by a vibrant internet community of relatively young consumers. These consumers not only actively engage in social media but also embrace online shopping for goods and services. This dynamic environment presents fertile ground for cross-border merchants seeking to refine their payment services and operations.
According to eMarketer, the Southeast Asian e-commerce market has maintained its position as the global leader for the past three years, showcasing steady growth. Specifically, the e-commerce industry in Malaysia expanded by an impressive 18%, securing a spot among the top 10 countries with the highest e-commerce growth worldwide, alongside the Philippines3. Statista’s data for 2023 revealed that Malaysia’s e-commerce market achieved a Gross Merchandise Value (GMV) of USD 13 billion, with an estimated USD 16 billion expected by 20254.
Source：Statista
Amidst continuous economic growth and ongoing integration in the ASEAN region, each member market is experiencing dynamic changes in their payment ecosystems. This evolution has prompted numerous enterprises to explore new business opportunities. The Southeast Asia region is currently undergoing a transformational phase, where lifestyles are becoming integrated with the financial and economic infrastructure of each country. In Malaysia, relaxed government policies have spurred the rapid development and adoption of electronic wallets. Notably, statistics indicate a 311% rise in the utilization rate of e-wallets in Indonesia, Malaysia, the Philippines, Singapore, and Thailand, with the volume expected to exceed 440 million by 20255.
GrabPay – a payment solution by Grab
Extensive applications for diverse services and opportunities
Grab, the leading super app that is often referred to as the rising “AliPay” in Southeast Asia, offers a diverse range of services to most of the countries in Southeast Asia. GrabPay, a robust payment solution by Grab, stands at the forefront of digital payment platforms, offering a multitude of applications and opportunities across diverse services, including bill payment, online shopping, and even in-store payments, to consumers in the 8 countries/regions across Southeast Asia. To date, the volume of downloads of this app has exceeded 115 million times.
With GrabPay, consumers benefit from a swift and convenient method of payment for a wide range of products and services, all accessible through their mobile devices. Additionally, the use of GrabPay rewards consumers with GrabRewards, which can be redeemed for discounts on games and other perks available in the GrabRewards catalogue.
Source：Grab
Oceanpayment, a leading global brand in digital payment solutions and services, remains at the forefront of innovation to provide merchants with comprehensive and tailored payment solutions. These solutions are designed to meet the unique needs of their target markets. In response to dynamic market and technological changes, Oceanpayment continues to innovate, developing payment solutions that effectively bridge the gap between merchants and consumers.
Emphasizing operational localization and enhanced service capabilities in Malaysia, Oceanpayment is committed to supporting cross-border merchants. This support enables them to navigate the rapidly changing landscape of consumer expectations and needs. Oceanpayment strives to enhance the consumer’s shopping experience by offering customized payment solutions, including cash payment, internet funds transfer, mobile wallets, and more.
References:
[1] Silk Road Online，https://mp.weixin.qq.com/s/jmjz2ksfd0QDmRqjNURRwg.
[2] Silk Road Online，https://mp.weixin.qq.com/s/uS4IdUAxUFJra0IcVevmWQ.
[3] eMarketer，”Global Retail Ecommerce Forecast 2023”.
[4] Statista，GMV of e-commerce market in Malaysia 2019-2025，2023.
[5] Boku&Juniper Research，Mobile Wallets Report.
[6] Grab website.
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