The world of e-commerce and electronic payments providers has become one of the most important sectors of the financial services industry. At the end of the 20th century, the online payments arena seemed to always be two steps behind from other major Internet technologies; that is no longer the case. Online payments and e-commerce providers are the solution to the burgeoning trend of globalization, and in 2012
Payza has emerged as one of the leading companies in this sector thanks to its penchant for fostering innovation, promoting growth and providing excellent service.
Meeting the Demand for E-Commerce and Online Payments
The traditional banking and traditional services industry has not had an easy time in the 21st century. Once-venerable institutions were forever marred by the disastrous events of 2008 on Wall Street and the subsequent debt crisis in Europe. As the world became a global village connected by the Internet, banks tried to accommodate the growing demand for e-commerce, international payments, remittances, online wallets, and mobile banking.
When it came to meeting the rising demand for Internet-based payments and similar services, banks ran into a very significant challenge. Throughout centuries of service, the banking industry has become mired in certain practices and regulations that got in the way when they tried to adapt their systems to the Internet. Banks are still experiencing this problem, and the global financial crisis has placed even more limits in their ability to provide online payments and e-commerce services.
2012: A Whirlwind Year
Payza has emerged as a viable solution to the need for banking alternatives. The company started with the acquisition of an existing platform for electronic payments by a major provider of prepaid debit card services. After this 2012 acquisition, the company quickly expanded its services to 197 countries for nine million personal and business users. In addition to this impressive expansion, the company established offices in the following major international financial centers:
- London – Headquarters Office
- Montreal – Operations
- New York
- Dhaka, Bangladesh
- Solna, Sweden
To provide greater value to its valuable customers, the company expanded its range of services and features in 2012 to include the following:
- E-commerce processing
- Electronic wallet
- Email invoices
- Business management tools
- Foreign exchange between 21 currencies
- Fraud screening
- Prepaid cards in selected countries
- Advanced Application Programming Interface (API) and sandbox for third-party developers
As a clear example of
Payza's growth and serious intent to provide solutions to the new standards of business created by globalization and free trade, the Central Bank of Bangladesh recently awarded the company a license to process inbound foreign remittances. Bank Asia will be the company's partner in this endeavor, which will empower the burgeoning community of Bangladeshi information technology freelancers to receive payments for professional services rendered to clients in other countries.
Remittances have become staples of globalization, and in the case of Bangladesh they are truly remarkable since they are turning an emerging economy into a significant player in the field of providing professional services over the Internet. With
Payza as the processor, Bangladeshi freelancers will receive payments directly to their local bank accounts, thus strengthening the national economy.
Strategic partnerships with technology and compliance firms enhanced Payza's operations in 2012. Some of these companies include Intelligent ID, Trustwave, TRUSTe, and LexisNexis. By securing partnerships with these firms, Payza is providing its customers with greater flexibility, security and peace of mind when it comes to online payments and e-commerce.