XanPay partners with SWAG to launch new alternative payment methods

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Strong growth in the online entertainment space

HONG KONG, 09 Feb. 2022 (GLOBE NEWSWIRE) — Recently, XanPay announced a partnership with SWAG, a leading interactive online entertainment brand, to launch new alternative payment methods. Online entertainment has grown exponentially during the pandemic. According to a related report, global online entertainment traffic has increased significantly during the COVID-19 period. The growing number of people working from home and restrictive social distancing measures have made online entertainment avenues hugely popular.

STYLE gained the upper hand over its competitors during this period by partnering with a payment gateway specializing in alternative means of payment, XanPay.

Challenges of Online Entertainment Platforms in the High-Risk Industry

SWAG is one of Asia’s largest interactive online entertainment brands. The Taiwan-based company started in 2017 with a team of 80 employees. They have come a long way to establish themselves as the leader of the region.

For those unfamiliar, there are major challenges and taboos that the alternative online entertainment space has consistently faced for decades:

  • Many financial institutions (FIs) consider traders in this sector as “high risk”

  • ‘High risk’ merchants faced intense scrutiny and long approval times

  • Payment gateways that accept these merchants usually charge exorbitant fees, sometimes close to 20%

  • Unnecessary and cumbersome documents and processes

  • Perceived as a risky business due to high possibility of high chargebacks

It was no different for SWAG and they have encountered many such hurdles over the years, but they have continued to seek solutions that support the online entertainment content creator industry. Research shows that local payment methods or alternative payment methods (APM) are 3x more popular than credit cards in APAC.

So they started researching local payment gateways that provided alternative payment methods (APM) across Asia. However, issues like poor API integration documentation and having payment gateways that disappeared unanswered – made it difficult for them to break into new markets.

Reliable payment gateway in APAC region

When OnlyFans announced an official ban, the SWAG team onboarded many online entertainment content creators. They were determined to provide a reliable source of entertainment as well as income for their content creators.

After discovering XanPay, SWAG integrated and went live with new payment options within a week. Immediately they observed payment adoption from the other side 8 new countries. Singapore, Malaysia and Hong Kong have become their largest markets in this region. In addition, the number of payment issues reported by users has also drastically reduced.

Since then, XanPay has accounted for up to 90% of their payment transactions in the new markets they have expanded into.

Highlights

  • Generating revenue from 8 new Asian countries in one month of onboarding

  • Around 50% of transactions come from XanPay vs non-XanPay

  • Increased their revenue and trading volume by 5% within 3 months of onboarding

  • Drastic reduction in the number of payment issues reported by users

  • Ability to focus on larger marketing and expansion plans

  • Acquisition of new users with XanPay processing up to 90% of transaction volume in SEA

Quote section

“XanPay is our single payment gateway in Asia. They solved our pain points. Not only are we able to reach new users and markets, but our alternative payments in the SEA region are also now managed by them, which is incredible.” – Allan Lei, CTO of SWAG

Simplified payments

XanPay has become their single payment gateway solution using the full payment page option. By getting the right payment gateway, the SWAG team can focus their efforts on bigger business plans.

SWAG now aimed to deepen its reach in Vietnam, Thailand and Indonesia.

About XanPay

XanPay is a one-stop payment gateway that specializes in serving global customers locally. XanPay partners with organizations and small businesses to scale quickly and achieve results with modern cross-border payment solutions. For XanPay, modern means widely adopted, transparent, convenient and secure. As a fast-growing payment company, XanPay has established connections between 490 local banks in more than 10 countries, enabling all businesses in the ecosystem to accept easy payments competitively. Shaping the next-generation payments landscape by providing greater financial access.

For more information, visit

LinkedIn: https://www.linkedin.com/company/xanpay/

Facebook: https://www.facebook.com/XanPayOfficial

Youtube: https://www.youtube.com/channel/UCOmtkZ6cwwamzmQ_iViuzeA

Website: https://xanpay.com/

Media queries

Carrine Eng, Marketing & PR Manager

Email: [email protected]

THE SOURCE: XanPay

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