As the founder and co-CEO of PortOne Global, Daniel Shin has enjoyed a prominent role in the company’s explosive growth throughout the COVID-19 pandemic. In the right place and at the right time, Shin and PortOne Global worked diligently throughout the COVID-19 pandemic to continue offering and upgrading their payment processing services. Founded in South Korea and rapidly expanding throughout Eastern markets, PortOne has turned into a juggernaut in the payment processing field.
A report by the Business Research Company revealed that most industry experts predict continued and explosive growth within the global payments marketplace, leading to a CAGR of 8.9% by 2027. Along the way, the report suggests that the value of the market will eclipse the $847.59 billion mark.
Compiling this research and speaking on the industry itself, Shin sat down with the team at Business Review for an insightful interview.
Driven Industry Trends Lead to Big Changes
In 2023 alone, technology has fueled trends that are going to shape and change the way we approach global payment processing in the near and distant future. Technological advancements paired with a drive for artificial intelligence and automation show that the sector itself is ready to change, seemingly at a whim.
Compiling his research and thoughts, Shin pointed out a few areas where technology is changing the way his business operates.
Biometric Technology is increasing the security threshold for customers, providing them with secure and accurate payments that are backed by facial, iris, or fingerprint recognition and scanning techniques.
Data points toward workflow automation becoming another big industry topic to pay attention to. Automation through artificial intelligence and machine learning is going to rapidly reshape the way businesses approach customers.
Shin said, “At the core of the payment industry is data. For example, reconciling payment data to automating tax reporting to managing supplier payouts. A lot of this is getting automated.”
The Growth of PortOne Global
PortOne Global has enjoyed prominent and explosive growth since its inception. Shin has been pleased with his company’s efforts since its initial founding in Korea, watching happily as PortOne has leaned into new markets throughout Asia.
Shin said, “While the new markets are less developed from a digital landscape than Korea, it is exciting to see the growth in the early stages of the market development.”
Thanks to his efforts, Shin has helped to push PortOne into markets such as Thailand, Vietnam, Singapore, Indonesia, and India while pushing others to follow suit. Throughout this process, Shin hopes that they will be better able to approach their customers with a more reliable payment processing methodology. Shin said, “A key to improving conversion is to provide a payment method of the customer’s choosing.”
Shin added, “The problem previously was that providing more payment options came at the expense of engineering burden. With PortOne, eCommerce businesses can leverage 100+ options.”