IPay88 sees online transactions doubling in 2017

KUALA LUMPUR: Online payment service solution provider iPay88 Sdn Bhd expects to double its online transactions and value in 2017, from 38.2 million online transactions and RM3 billion sales recorded in 2016, driven by the use of smartphones.

Its executive director Chan Kok Long said this year is expected to be an even better year for Malaysia’s digital economy.

“In terms of transaction volume, it will double. I won’t be surprised if it triples. This is because of the evolution and technology development, as well as high smartphone penetration,” Chan told a media briefing yesterday.

Currently, iPay88 represents over 70% of Malaysia’s entire online payment system transactions.

In 2016, iPay88 recorded 38.2 million online transactions via its payment gateway systems, compared with 14.6 million in 2015.

iPay88 statistics show that the transactions generated by mobile commerce has more than doubled to 9.3 million in 2016, from 3.7 million in 2015. Comparatively, online shopping on desktop rose only 29.7% to 7.6 million transactions in 2016, from 5.8 million transactions in 2015.

iPay88 expects that in 2017, mobile application-based visits to the retail category would surpass mobile web visits, while desktop visits would eventually see a decline in growth.

The fastest growing areas in 2016 was in delivery services (243% increase), followed by marketplace (183%) and telco services for bill payment (81%).