Red Dot Payment (RDP) is an online

payment service provider A payment service provider (PSP) is a third-party company that allows businesses to accept electronic payments, such as credit card and debit card payments. PSPs act as intermediaries between those who make payments, i.e. consumers, and those who ...

headquartered in

Singapore Singapore, officially the Republic of Singapore, is an island country and city-state in Southeast Asia. The country's territory comprises one main island, 63 satellite islands and islets, and one outlying islet. It is about one degree ...

. The

fintech Financial technology (abbreviated as fintech) refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, ...

company provides online

payment gateway A payment gateway is a merchant service provided by an e-commerce application service provider that authorizes credit card or direct payment processing for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar. The ...

systems, payment consulting and merchant acquisition services for businesses that require the processing of online credit card transactions.

History

Established in 2011, Red Dot Payment (RDP) was founded by Randy Tan, who is currently acting as its managing director. Initially starting out in Singapore, it has expanded to other regions of

Southeast Asia Southeast Asia is the geographical United Nations geoscheme for Asia#South-eastern Asia, southeastern region of Asia, consisting of the regions that are situated south of China, east of the Indian subcontinent, and northwest of the Mainland Au ...

such as

Thailand Thailand, officially the Kingdom of Thailand and historically known as Siam (the official name until 1939), is a country in Southeast Asia on the Mainland Southeast Asia, Indochinese Peninsula. With a population of almost 66 million, it spa ...

and

Indonesia Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania, between the Indian Ocean, Indian and Pacific Ocean, Pacific oceans. Comprising over List of islands of Indonesia, 17,000 islands, including Sumatra, ...

. In 2014, Red Dot Payment acquired funding from investors, GMO Global Payment Fund and Wavemaker Pacific. In the same year, Red Dot Payment started supporting MasterPass, enabling their merchants' payment page to be used with MasterPass. In 2015, Red Dot Payment became partners with Sourceguru 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. In 2017, Red Dot Payment partnered with Ascott to provide them with secure

online payment An e-commerce payment system (or an electronic payment system) facilitates the acceptance of electronic payment for offline transfer, also known as a subcomponent of electronic data interchange (EDI), e-commerce payment systems have become increa ...

s. Red Dot Payment now provides online payment for both e-commerce and hotels. Within the same year, the company closed an investment of $5.2M Series B round 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. In 2018, David Lee joined 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. It is one of the Singaporean

companies to enter Africa and provide digital finance services. In July 2019, fintech and e-payment business PayU took a majority stake in Red Dot Payment. The deal valued Red Dot Payment at US$65 million and saw founder and CEO Randy Tan retain a stake in the firm, while majority of its shareholders exited.

References

{{Digital payment providers Financial services companies established in 2011 Payment service providers Merchant services Online payments Electronic funds transfer Financial services companies of Singapore

History

See also

References