CyberSource, a Visa company (NYSE: V), and one of the world’s largest providers of eCommerce payment management services, has collaborated with Xendit, a fast-growing payment service based in Indonesia. This collaboration means Xendit is the first in Asia Pacific to use CyberSource Flex API to tokenize customers’ data, thereby enabling them to provide a robust payment gateway for next-generation businesses to send and receive payments more conveniently and securely without the risk of storing customer data. As a result, Xendit’s successful transaction rates increased by 30%.
Founded in 2014, Xendit’s mission is to simplify payments by providing an end-to-end payment solution that delivers frictionless payments. Xendit offers a payment gateway that allows businesses to quickly and securely accept payments through card and bank transfers.
Despite the fact that Indonesia’s digital commerce market is expected to hit US$18.5b in 2017, the country faces execution challenges due to consumers’ preference for payment via bank transfers, which are heavily reliant on the use of physical tokens to execute the transaction, and frequently do not include the information necessary for the merchant to identify the sender. As such, Xendit has sought to solve these payment problems by offering a secure and reliable payment infrastructure that supports multiple payment types, and in turn, helps businesses of all sizes embrace digital payments.
Xendit leverages CyberSource’s comprehensive suite of payment processing and fraud management solutions to enable businesses to securely accept a wider range of payments, including different card types and brands across the world, which affords them the ability to provide their merchants with customized payment services and an enhanced user experience. At the same time, businesses which leverage Xendit’s payment services can do so securely without having to handle any sensitive customer payment details.
Xendit also uses CyberSource to enhance its credit and debit card payment services, which integrates with platforms such as WooCommerce for easy integration. This lets companies with subscription business models automate payments for their customers, such as SaaS platforms, non-profits, or premium content providers. The all-in-one solution allows Indonesian companies to accept credit or debit cards issued from across the world, all while benefitting from the reliability of CyberSource. Going forward, the next generation of Southeast Asian Software as a service (SaaS) can be built on top of Xendit’s rails.
“At Xendit, our goal is to make payments simple and pleasant. We started our journey by providing businesses with the fastest way to disburse funds throughout the country, through the use of application program interfaces (APIs). In automating the process, we have enabled customers to quickly and efficiently scale their business. Now, our customers want more,” commented Moses Lo, Chief Executive Officer, Xendit. “CyberSource’s customized payment processing and fraud management solutions have enabled us to offer a broader range of options to our customers, thus providing them with flexibility to build their desired user experience, while minimizing the number of systems and endpoints falling within the scope of PCI DSS compliance.”
As the digital economy continues to evolve and impact nearly every business, success today requires a holistic approach to managing fraud, especially as customers constantly engage across multiple channels on a variety of devices. By leveraging CyberSource’s multi-phased fraud management solution, including CyberSource Decision Manager, Xendit is able to offer a world-class fraud detection solution to its customers, while dynamically allowing low-risk transactions to proceed. This has resulted in an improved payment experience for Xendit end-users, and reduced payment drop-off for businesses, increasing successful transaction rates by as much as 30%.
“As eCommerce continues to boom in Southeast Asia, providing a seamless customer experience is of unparalleled importance — merchants need to provide a faster, more secure payment experience to differentiate themselves from their competitors,” said Chew Ann Wee, Senior Regional Director, Southeast Asia, CyberSource. “As customers engage with a brand across multiple channels, it is crucial for that brand to provide a superior and consistent brand experience. We are delighted to work with Xendit to ensure a seamless customer journey, end to end.”
Original article here by Business Insider.