Company:Red Dot Payment

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Red Dot Payment
Red Dot Payment logo.png
Country of originSingapore
Area servedSingapore, Thailand, Indonesia
Founder(s)Randy Tan
IndustryPayment Gateway
Websitehttp://reddotpayment.com/
RDP and founder Randy Tan

Red Dot Payment (RDP) is an online payment service provider headquartered in Singapore. The fintech company provides online payment gateway systems, payment consulting and merchant acquisition services for businesses that require the processing of online credit card transactions.[1] It holds a Payment Card Industry Data Security Standard (PCI DSS) Level 1 Certification for its payment gateway. Red Dot Payment supports different modes of payment such as Visa, Mastercard, NETS, China UnionPay, TenPay, Alipay and WeChat Pay.

History

Established in 2011, Red Dot Payment (RDP) was founded by Randy Tan[2][3][4] and is currently acting as its managing director. Initially starting out in Singapore, it has expanded to other regions of Southeast Asia such as Thailand and Indonesia.

In 2014, Red Dot Payment acquired funding from investors, GMO Global Payment Fund[5] and Wavemaker Pacific.[5] In the same year, Red Dot Payment started supporting MasterPass,[6] enabling their merchants' payment page to be used with MasterPass.

In 2015, Red Dot Payment became partners with Sourceguru[7] and provided digital payments service to them.

In 2016, Red Dot Payment secured a seven-figure funding by MDI Ventures, the venture arm of Indonesia's Telkom.[8]

In 2017, Red Dot Payment partnered with Ascott to provide them secure online payments.[9] Red Dot Payment now provides online payment solutions for both e-commerce and hotels.[10] Within the same year, the company has closed investment of $5.2M Series B round[11][12]

Red Dot Payment formed an alliance with e-commerce services companies Shopmatic and iCommerce Asia, to offer services to South-east Asian region's e-commerce market.[13][14]

In 2018, David Lee[15][16] joins Red Dot Payment as its Director effective February 2018.

Red Dot Payment signed a Memorandum of Understanding with Finserve Africa Limited at the opening of Enterprise Singapore Nairobi Centre. [17][18] It is one of the Singaporean fintech companies to enter Africa and provide digital finance services.[19][20][21]

Products and services

  • RDP Connect is Red Dot Payment’s payment gateway. It is 3D secure and is PCI DSS Level 1 certified. It secures credit card payment transactions that are made online and serves as an alternative to the physical terminal mode of payment.
  • InstanCollect is an e-invoicing solution for businesses with no online presence. It involves e-billing and e-payment in a single e-mail invoice and allows brick and mortar businesses to provide electronic statements to their customers.
  • InstanPay allows businesses to have a simple e-commerce website for online credit card transactions between merchants and customers.
  • InstanPromo allows the customer to choose from a list of available promotions before they make payment. The payment amount will be automatically adjusted based on the promotion that is selected.
  • InstanToken is an add-on feature which securely stores cardholder credit card details, pre-loading them for faster payments during subsequent checkouts.

They also include Shopping Cart Plug-ins: Cubecart, Drupal, Jigoshop, Magento, Opencart, Oscommerce, Prestashop, Virtuemart, Woocommerce

See also

  • Electronic money
  • List of on-line payment service providers

References

  1. ↑ Pang, Jaslene (18 March 2014). "Filling a gap in e-payment modes". SME INC (The Business Times). http://www.businesstimes.com.sg/specials/sme-inc/others/filling-gap-e-payment-modes-20140318). Retrieved 1 April 2015. 
  2. ↑ Ong, Geralyne Kaye (7 July 2015). "Feel Like You Are Too Old To Be an Entrepreneur? Think Again.". Tech Storm (Tech Storm). https://www.techstorm.tv/articles/feel-like-you-are-too-old-to-be-an-entrepreneur-think-again,118/. 
  3. ↑ "RED DOT PAYMENT, INTERVIEW WITH MD RANDY TAN". FinSMEs. 21 November 2014. http://www.finsmes.com/2014/11/red-dot-payment-interview-with-md-randy-tan.html. 
  4. ↑ Bloomberg Business
  5. ↑ 5.0 5.1 Daniel Tay (2 September 2014). "Red Dot Payment raises series A round to bring payment solution to Southeast Asia". Tech In Asia. https://www.techinasia.com/red-dot-payment-raises-series-bring-payment-solution-southeast-asia. 
  6. ↑ "More Singapore Merchants and Banks Choose MasterPass". 12 November 2014. http://newsroom.mastercard.com/asia-pacific/press-releases/singapore-merchants-banks-choose-masterpass. 
  7. ↑ Daniel Tay (24 February 2015). "Not just another talent marketplace: Sourceguru has a plan to beat Elance-oDesk". Tech In Asia. https://sg.finance.yahoo.com/news/not-just-another-talent-marketplace-010035649.html. 
  8. ↑ Freischlad, Nadine (12 August 2016). "Singapore’s Red Dot Payments receives investment led by Telkom’s VC arm". Techinasia. https://www.techinasia.com/red-dot-payment-mdi-ventures-investment. 
  9. ↑ Lee Xin En (14 March 2017). "Start-ups partnering large corporates" (in en). The Straits Times. http://www.straitstimes.com/business/companies-markets/start-ups-partnering-large-corporates. 
  10. ↑ "Red Dot Payment carves niche in e-commerce with omni channel payment solutions". South China Morning Post. 11 August 2017. http://www.scmp.com/country-reports/business/topics/singapore-national-day-2017/article/2105691/red-dot-payment-carves. 
  11. ↑ Ellis, Jack (11 September 2017). "Singapore’s Red Dot Payment scores $5m to help more companies do ecommerce". Tech In Asia. https://www-techinasia-com.cdn.ampproject.org/c/s/www.techinasia.com/red-dot-payment-series-b/amp/. 
  12. ↑ Russell, Jon (11 September 2017). "Singapore’s Red Dot Payment closes $5.2M Series B round". TechCrunch. https://techcrunch-com.cdn.ampproject.org/c/s/techcrunch.com/2017/09/11/red-dot-payment/amp/. 
  13. ↑ Wong, Kai Yi (9 November 2017). "3 local e-commerce services firms bag $100,000 deal under IE Singapore initiative". The Straits Times. http://www.straitstimes.com/business/companies-markets/3-local-e-commerce-services-firms-bag-100000-deal-under-ie-singapore. 
  14. ↑ Shiao, Vivien (9 November 2017). "More SMEs band together to win regional e-commerce projects: IE Singapore". The Straits Times. http://www.straitstimes.com/business/economy/more-smes-band-together-to-win-regional-e-commerce-projects-ie-singapore. 
  15. ↑ "Former Visa AP President and UnionPay Executive David Lee Joins Red Dot Payment". 26 April 2018. http://reddotpayment.com/former-visa-ap-president-and-unionpay-executive-david-lee-joins-red-dot-payment/. 
  16. ↑ "Former Visa AP President and UnionPay Executive David Lee Joins Red Dot Payment". Asia One. 27 April 2018. http://www.asiaone.com/business/former-visa-ap-president-and-unionpay-executive-david-lee-joins-red-dot-payment. 
  17. ↑ Heng, Janice (13 June 2018). "Enterprise Singapore opens overseas centre in Kenya, its third in Africa" (in en). https://www.straitstimes.com/business/economy/enterprise-singapore-opens-overseas-centre-in-kenya-its-third-in-africa. 
  18. ↑ Enterprise Singapore, Enterprise Singapore (9 July 2018). "Enterprise Singapore opens overseas centre in Kenya to spearhead Singapore companies’ entry into fast-growing East Africa". https://www.smeportal.sg/content/smeportal/en/home/what_s_new/2018/enterprise-singapore-opens-overseas-centre-in-kenya-to-spearhead-singapore-companies-entry-into-fast-growing-east-africa.html. 
  19. ↑ Leow, Annabeth (17 Aug 2018). "Singapore fintech firms joining the dots in Africa's digital frontier". https://www.businesstimes.com.sg/startups/singapore-fintech-firms-joining-the-dots-in-africas-digital-frontier. 
  20. ↑ "Singapore fintech firms joining the dots in Africa's digital frontier" (in en). 17 Aug 2018. https://www.enterprisesg.gov.sg/media-centre/news/2018/august/singapore-fintech-firms-joining-the-dots-in-africas-digital-frontier. 
  21. ↑ Teo, Michelle (27 August 2018). "Giving Singapore businesses a boost in Africa | Video". https://www.channelnewsasia.com/news/videos/giving-singapore-businesses-a-boost-in-africa-video-10657828. 

External links




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