Online payment solutions provider Paynamics seeks to be a catalyst of ecommerce growth in the region
When you talk about the hottest ecommerce markets in the region, the Philippines is undoubtedly at the top of the list. According to a 2014 study by Ken Research, the Philippines’ ecommerce market can expect a stupendous compound annual growth rate of 101.4 percent from 2013 until 2018, driven by rising internet and social media penetration. This is good news for startups such as Paynamics Technologies, which is in a unique position to be both a beneficiary and enabler of this growth.
Paynamics is an internet payment solutions provider that’s helping small- and medium-sized and large enterprises accept online payments without hassle. To a lot of merchants, its biggest come-ons are its quick system integration and fraud protection features.
“As a payments provider, we offer merchants a one-stop shop payment platform that allows them to process credit cards, Bancnet, ATM cards, mobile wallets, and over-the-counter payments – with a single API,” explains Ronald Magleo, founder and CEO of the startup.
He adds: “We developed our intelligent fraud detection engine in-house and we utilize data mining to provide fraud insight to the merchant’s business. Our solutions are highly customizable depending on the business needs of the client.”
The implications of services like Paynamics to the ecommerce industry is significant, especially in the context of the Philippines where online payment security is still a concern. Ken Research specifically states in its study that more consideration has to be given to this matter despite the fact that a growing portion of the population is becoming more adaptive towards online shopping trends. Consumers need to feel more secure transacting on the internet for ecommerce to achieve its potential.
This is where Paynamics seeks to play a key role. “Ecommerce in the Philippines is rapidly gaining momentum and that in the next couple of years, Filipinos will have more trust in transacting online. Paynamics will be a catalyst for these online transactions,” Magleo notes.
All kinds of online shopping
Paynamics looks at payment processing similar to a supply chain, in which there are critical integral parts that you need to address in order to provide a great experience.
Aside from providing an easy plug-in and a risk gateway that screens for fraudulent transactions, Paynamics also gives merchants the ability to respond to disputes such as chargebacks in a timely manner, according to Magleo.
He says the service makes it cheaper and easier for people to sell things online.
Paynamics caters to online retailers, daily deals sites, and merchants dealing with digital goods as well as hotel, travel, and real estate. It also services Philippine banks. “We are targeting to grow our payment volume by twentyfold in the next three years and grow our merchant base by a hundredfold,” Magleo says.
A regional player
Paynamics’ founders didn’t come up with the idea for the startup out of nowhere. Magleo and his co-founders – his wife Mylene and mother Esther – all worked for publicly-listed German payment services provider Wirecard. There, they saw the opportunity to create a payment solutions platform that’s suitable for the Asian market.
Needless to say, Paynamics has a grand vision of becoming a contender in the region.
Helping the startup in this goal is Tokyo-based global internet and ecommerce startup incubator Beenos, which was founded by serial entrepreneur and internet business expert Teruhide Sato. Beenos has been supporting startups in various emerging countries like Indonesia, India, Turkey, and Vietnam, and Paynamics sure has a lot to learn from it.
Paynamics raised Series A funding from Beenos in January for product development and onboarding of more merchants. The undisclosed amount was Paynamics’ first fundraising from an external investor.
Editing by Mary-Anne Lee and Steven Millward
Source By TechAsia: https://www.techinasia.com/paynamics-philippines-online-payments-ecommerce