NTT Communications Corporation, the ICT solutions and international communications business within the NTT (NYSE:NTT) Group, has announced the introduction of its payment solutions to help merchants expand their reach and gain access to the global e-Commerce market’s vast potential. The solutions lower the barriers of entry for merchants, allowing rapid access to high-growth e-Commerce markets such as China.
“Asia’s e-Commerce market is expected to reach over US$525 billion¹ in 2014, with China a key driver of growth. However, implementing and managing an effective payment strategy can be a very complicated process for merchants. In our survey² of 200 large US and European global merchants, 99 per cent of organisations reported challenges when delivering e-Commerce in Asia such as dealing with different domestic payment methods, currency restrictions, tax regulations, and high transaction costs. NTT Communications Payment Solutions have been designed specifically to help global merchants expand their online presence and take advantage of the surge in e-Commerce activities in Asia, especially in China,” said Tyrone Lynch, Vice President, eBusiness of NTT Com Asia.
Hon Charles Mok, Legislative Councillor representing the Information Technology sector of Hong Kong commented, “The rising tide of e-payment plays a fundamental role in the development of the ICT sector. It is encouraging to see a solution launched, taking eCommerce to another level."
Developed by NTT Com Asia, the company’s East Asia Headquarters, the payment solutions leverage the group’s global presence and strengths in technology and IT infrastructure, providing comprehensive solutions for all online payment needs. A single, simple integration gives access to multiple acquirers and payment methods around the world, allowing merchants to quickly expand their business reach. With the company’s proven China payment solution, overseas merchants can conduct cross-border e-Commerce in Reminbi and take advantage of the market’s e-Commerce boom.Key benefits of NTT Communications payment solutions:
- Diverse local acquiring means optimised access to global markets. With comprehensive coverage of transaction currencies and local payment methods, merchants can give their customers the ability to pay by the method that is most convenient. Cross-border processing options and the availability of settlement in multiple currencies limits foreign exchange exposure, reducing overall cost.
- As a consolidated payment solution, merchants can manage the entire payment value-chain through a single point of contact and simple, one-time integration. The solution provides centralised reconciliation and reporting, with real-time data analytics and business intelligence on a transactional level.
- Advanced security tools such as velocity checks, BIN (Bank Identification Number) verification, 3D secure, and market-specific authentication methods help manage risk and lower the chance of fraudulent transactions. Other features such as tokenisation protect sensitive customer data in accordance with Payment Card Industry Data Security Standards (PCI DSS) Level 1 standards.