Bibit Moves East

Thursday 6 November 2003 22:03 CET | News

Bibit Global Payment Services (Bibit), has enhanced its payment platform with Asia-Pacific capabilities. With operations in Europe and the US already firmly in place, the company can now support merchants on three continents, boosting Bibits geographical coverage to over 90% of worldwide e-commerce. Bibits corporate clients from industries such as travel, electronics and on-line gaming typically sell their products and services across multiple countries or even continents. Demand for Bibit to move east is particularly high with global merchants, who already use Bibits services for their European and/or US operations, and who need a similar payment solution for the Asian market. Asia Pacific is the third most important e-commerce geography in the world. Like Europe, its payment landscape is highly fragmented. Credit card penetration is relatively low, and consumers from various countries prefer to use domestically trusted payment methods such as local debit cards, off-line bank transfer, online banking or Cash-over-the-Counter, where the shopper visits his bank branch to pay for his purchases in person. Within the region, Japan is the most important economic force, in terms of population, (broadband) Internet access and GDP per capita (i.e. spending power). Australia, Singapore and South Korea follow closely, whereas China has the strongest growth potential. As a first step in penetrating the Asia Pacific market, Bibit has established a corporation in Japan, which also serves as regional HQ, and has enhanced its payment platform with Asia Pacific capabilities. The payment screens, where shoppers are invited to submit their payment details, now support Chinese, Japanese and Korean characters. Settlement in all major Asia Pacific currencies is already supported by Bibit. Bank connections for the major credit card brands have been arranged, including those territories that are controlled by domestic banks, where global banks do not have access. Thanks to Bibits vast experience with integrating various European payment protocols into its platform, key local Asian methods, such as off-line banking in Japan and eNets Debit (internet banking) in Singapore, can now be quickly implemented. In addition, Bibit is establishing partnerships with Asia Pacific gateways, most notably in Australia, China and Korea, that will allow merchants to quickly and easily add new local payment methods. Bibit Payment Service supports more than 70 payment methods worldwide, including all European and Asian currencies required by merchants.

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Categories: Payments & Commerce | Payments General
Countries: World
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