It opens up new opportunities for merchants to offer card payments and process payments locally
PayU and Red Dot Payment get Visa and Mastercard acquiring licenses. Source: shutterstock.com
PayU has announced that its controlled company Red Dot Payment, a South East Asia-focused online payment solutions provider, has received direct acquiring licenses and connectivity to Visa and Mastercard.
According to the press release, new capabilities will be available to both domestic merchants expanding across borders and international merchants integrated with the PayU Hub.
A direct connection to Visa and Mastercard will make it easier for merchants expanding their presence in South East Asia to process higher volumes of payments in currencies such as USD, SGD, JPY and EUR.
In addition, they will also benefit from improved authorisation and acceptance rates. As the connection is made via a single API integration (PayU Hub), more data insights will be available for merchants to optimise processes and support further revenue streams.
The average proportion of online transactions in South East Asia has increased from 52% in the pre-COVID period to 63% with the e-commerce market expected to reach $172 billion by 2025. This makes the region one of the final destinations for global e-commerce players aiming to accelerate their growth.
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