HitPay has launched a single switch for secure and fast cross-border payments, aiming to provide access to 10 global real-time payment schemes. Following this announcement, the initiative will promote interoperability, flexibility, and significant cost savings for businesses.

With the use of HitPay, domestic and cross-border merchants will be given the possibility to save up to 50% in payment processing fees, compared to traditional card schemes. This process will take place while accessing customers in Asia Pacific (APAC) markets, which make up 39% of the global GDP. In addition, the company will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industries as well.

More information on the product launch As non-card payment methods gain rapid traction, over 50% of digital commerce volumes in the region of APAC now come from non-card methods. This development, at 40% year-over-year over the last five years, signals a clear shift away from card-based transactions and payments. Through this launch, HitNow will provide access to 10 key real-time payment schemes for ecommerce and in-person payments.

Businesses will be enabled to offer their clients the payment options they prefer, across both domestic and international markets. Included in the key benefits of the new feature are cost savings for merchants (cross-border traders accepting payments from the APAC region will have the possibility to save over 50% in payment processing costs, compared to traditional international card schemes), higher conversion rates (clients from countries with low card penetration can now use familiar, local payment methods, as well as drive higher conversions), and secure interoperability (HitPay’s single switch will offer access to optimised real-time payment schemes, offering users their preferred local payment methods). At the same time, the product will provide next-day payouts (with HitPay’s regional payment licences and in-house treasury infrastructure, businesses and firms will benefit from next-day settlements, supporting healthier cash flow), local e-wallet integration (HitPay is expected to offer integrations with local e-wallets such as GrabPay and DBS PayLah! in Singapore, GCash and Maya in the Philippines, ensuring smooth, localized payment experiences), and improved flexibility (businesses and firms can also manage payments efficiency across online and physical channels, without the need for multiple providers and complex integrations).

.