The Ecommerce of Everything

Fintech

The Ecommerce of Everything

By: Celine Sim

This article covers the theme of digital infrastructure and how ecommerce is here to stay.

In this session, we had

  • Amrish Rau, Chief Executive Officer , Pine Labs

  • Arik Shtilman, Co-Founder and Chief Executive Officer , Rapyd

  • Russell Cummer, Founder and Executive Chairman , Paidy

  • Muhammad Rachmat Kaimuddin, Bukalapak (Indonesia)

to share with us their views on ecommerce.

Trends of 2020

Russell Cummer, Founder and Executive Chairman of Paidy

Paidy is “buy now, pay later” solution catered for Japan. In Japan, the government does not require businesses to have physical stamps on contracts to get things done. Instead, the government is actually pushing for non-cash payment methods. With this push, the average person in Japan has 3.2 cards.

There has been an undeniable acceleration at the rate at which ecommerce is penetrating our lives because of a reluctance to do traditional commerce. And that is how ecommerce would become part of all.

Muhammad Rachmat Kaimuddin, Bukalapak (Indonesia)

As for Bukalapak, we are an ecommerce platform with 2 main surfaces -

(1) An online marketplace

(2) An online to offline application where it focuses on digitalisation.

In 2020, we noticed that consumers are more health-centric, home-centric and increasingly look for purchases which hold more value for money.

Arik Shtilman, Co-Founder and Chief Executive Officer, Rapyd

In general, Rapyd saw an overall digitalisation of all businesses across all size and industry. This came with the rise in Shopify which allows companies to build their online presence in a matter of hours. In the realm of payments, payments need to be as simple as businesses going online. We've seen how consumers have shifted away from cash towards digital payments - that is one major trend of 2020. Moreover, in 2020, we realised that consumers choice of brands are extremely fragmented and localised - there is no common denominator that is able to connect all countries.

Amrish Rau, Chief Executive Officer, Pine Labs

Likewise in Pine Labs, 2020 saw a rise of contactless payments especially in a rise of QR. In 2020, we saw how money can move country to country, even faster than messages.

Technology’s role in ecommerce

Muhammad Rachmat Kaimuddin, Bukalapak (Indonesia)

Bukalapak hopes to help small businesses move their business online and begin their ecommerce journey. How we plan to do this is through the platform itself as we get people to use this by educating them, the payment system and having the necessary logistics. This way when small businesses wish to engage in ecommerce, Bukalapak would be here in their journey.

Amrish Rau, Chief Executive Officer, Pine Labs

Likewise for Pine Labs, we hope to enable more small business merchants. We plan to do this through the growth of credit and increasing access to small credit for working capital or procurement financing or even trade financing. Beyond this, we would also need an understanding of credit. For instance, small businesses need to understand how consumers are impacted by credit and how consumers want to procure.

In the ecommerce realm, we saw how pay later solutions have also done extremely well for consumers. There has been an 80% year on year grown in volumes just on pay later, which is a significant amount.

Russell Cummer, Founder and Executive Chairman, Paidy

Within technology's role on ecommerce, there is also a role that data plays. Data should be used to create new consumer experiences and at Paidy, consumers are allowed to shop at half a million sites using only their email address and phone number.


At Instamo, we utilise blockchain and AI in order to operate our payment infrastructure. For instance, with the use of blockchain, this allows for real time tracking of fund flow, providing our users with a high level of security.


How does ecommerce interacts or intersect with more tradition forms of commerce?

Amrish Rau, Chief Executive Officer, Pine Labs

Currently, payments are the slowest in the last mile of the 3S's - Security, Speed and Simplicity. In order to facilitate this, payments should be accepted on mobile phones in the simplest and secure manner in order to allow commerce to be made available on online platforms.

Arik Shtilman, Co-Founder and Chief Executive Officer, Rapyd

We need to understand that ecommerce will not replace in person sales. Ultimately, we live in an omnichannel era where online and offline would be interconnected and payment is a critical part of the experience.

#instamo #fintech #globalpaymentsolutions #openbanking #ecommercepayment #merchantpayments #remittance #b2bpayment #internationalpayment

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