A guide to PayPal alternatives in Asia

Globally, PayPal is the dominant online payment solution. Often, you aren’t an online merchant if you don’t have an option for users to pay for your goods via PayPal.

But in Asia, PayPal’s not the only kid in the online payment neighborhood. In fact, over the years, numerous alternatives have sprung up in the region, sometimes even beating the payment giant in market share in their respective countries. Some countries don’t even offer PayPal.

In emerging markets, ubiquitous Internet services are not always readily available, which means over-the-counter payment remains popular in those places.

So, if you’re an entrepreneur keen on regional or global expansion, understanding the market and the key players is an important first step. To help you, we’ve compiled this constantly-updated list to keep you abreast of the latest developments in Asia.

1) PayDollar

Launched in January 2012 by AsiaPay, a Internet and mobile payment services provider, PayDollar is a comprehensive debit payment option for the Asia-Pacific region. Merchants can use it to collect real-time payments from customers via bank accounts, debit cards, e-wallets, and prepaid products.

It can process payments from the following partners: China UnionPay, AliPay, 99Bill, PPS, MyClear, BancNet, Globe GCash, Smart Money, POLi, Bangkok Bank, Bank of Ayudhya, TMB Bank, United Overseas Bank, Siam Commercial Bank, and Krung Thai Bank accountholders.

The appeal of this service is that it can accept payments from a wide variety of online payment options, be it e-commerce, m-commerce, or direct bank transactions.

The service is available in Hong Kong, China, Australia, New Zealand, Malaysia, Thailand, Singapore, and Philippines.

2) Paysbuy

Paysbuy is a popular online payment option in Thailand. Founded in 2004, it allows members to send and receive money, as well as make payments via electronic devices. It also offers a variety of payment channels including credit cards, bank transfers, counter services, and e-wallets.

The company recently launched a mobile app for iPhone and Android, and has obtained an Electronic Money License from Thailand’s Ministry of Finance, and an Electronic Payment Service Provider License from the Ministry of ICT. They also have the Trustmark symbol from the Ministry of Commerce.