CEO, Soyoung Park
“I’ll make a change in Korea and make
Korea a global financial hub.”
We’ll advance reasonably step by step.
We made global enterprises use ours beyond borders. We’ll keep doing that”,
says Soyoung Park, CEO of PayGate. She goes forward to the top in the world.
◆Exploring a new market / Growing as a global leader in
Pay Gate has
been doing only one business for 15 years, which isn’t a short time since it
was established in 1998. Pay Gate is in partnership with Alipay China, Ten Pay,
and China Union Pay. Pay Gate Japan has been collected Japanese yen through Japan
Post Bank, Sumitomo Bank, UFJ, and Mizuho Bank for many years. Pay Gate Hong
Kong has been working in partnership with global credit card brands including
Visa, Master, JCB, and Amex. They are planning to open an online banking system
for major countries including Europe.
It has been 15
years since they provided global credit card services. All systems of Pay Gate
are built with OpenPayAPI of the latest web standard technology. This is their
own solution that they developed on their own 100%.
It provides Unicode
and encoding for diverse language including Korean, English, Japanese, and
Chinese and 172 currencies. Services for Korean customers include credit cards,
transfer, virtual account, mobile payment, and mobile methods of payment. Services
for global customers are provided by combining local methods of payment
including international credit cards (Visa, Master, JCB, and Amex), CUP,
Alipay, Ten Pay, deposits to Japanese bank accounts and European bank accounts.
services are provided to all countries in the world. Client companies and
customers are in Korea, China, Hong Kong, Taiwan, Japan, Europe, USA, Canada, Australia,
etc. Pay Gate is a leading global PG (Payment Gateway) service provider.
However, CEO Soyoung Park says it was
not easy from the beginning. When she founded the company, the online payment
system was not known to the public. In fact, Pay Gate Japan founded in 2000
went through more difficulties because online payment was not known at all
throughout Japan. She said, “People were wondering why they had to put their
credit card information online”.
However, she had foresight. She used to
work in the field of security. She founded the company with an idea. The
Internet would make people exchange information and goods without meeting each
other in person and this kind of exchange would blur the borders or boundaries
of currency units. We will need an intermediary to help people use different
currencies and methods of payment without a problem.
In the beginning, she just thought about
payment solutions, technology, and development. Now the company has to perform
financial duties dealing with a lot of money like banks. Thus, she feels
responsible for what the company does as a money manager.
◆3 factors for success: technology, security, and feedback
The essential technology of Pay Gate
includes the web standard method in No-popup and no-plugins and CSS(Cascading
Style Sheets) in customized payment UI
It has advantages that payment can be
made in diverse devices including computer, smartphone, iPad, Galaxy Tab, Smart
TV, PDA, etc. and payment services are available in all browsers including
Chrome, Safari, Opera, Fire Fox, etc. CEO Soyoung Park said, “we are in the era
of buying contents and shopping through televisions”. She also said, “the key
to success is to cope with payment methods which are constantly changing”. This
is why Pay Gate reacts to changing markets and presents diverse and new payment
methods quicker than others.
The company puts a focus on security.
Pay Gate provides diverse security authentication including AA (amount)
authentication developed by Pay Gate, ISP, Visa 3D, and Anshim Click. Since
2008, they have renewed PCIDSS(Payment Card Industry Data Security Standard),
an international security authentication qualification, every year.
CEO Soyoung Park said, “We have focused
on security and made a lot of efforts since the company was founded”. She
showed her interest and confidence in security saying “it is principle that we
compensate for customers’ damages if they were caused by Pay Gate”.
Since their service is to help cash
flow, she believes no error is acceptable.
“Our principle is that 99.9% is X.
Customers don’t accept an error of 0.01%. Playing silly games isn’t acceptable.
99.9% is X and 100% is O.”
◆Pay Gate ranges with Paypal and Alipay
Pay Gate has more than 8,000 domestic
and foreign client companies. About 2,000 client companies receive funds
through Pay Gate on a regular basis.
Pay Gate is the only domestic PG that
has main business in global payment services. Pay Gate competes with Asia Pay,
Paypal, and World Pay internationally.
The company plans to focus on the global
market. CEO Soyoung Park says the Korean online payment market has been
saturated for a long time.
She desires to grow her company like
Paypal from the USA, Worldpay from the UK and Alipay from China.
CEO Soyoung Park said, “It is necessary
to study diverse payment methods including mobile, bank, mobile communication,
card, and electronic money for each country in order to earn a reputation like
Paypal or Worldpay”. She also said, “We will present the latest payment trends
and lead the global payment market”. Half of Pay Gate staff consists of
foreigners. Many competent people from Vietnam, India, Japan, China, the USA,
Korea, and France are working together for technology development and global
The company is currently reviewing the
global mobile payment services for the next service. (the service provided by
combining mobile payment services from mobile service providers in major
This is what
she is trying to grow as the top enterprise in the world.
◆Suggesting that advanced payment system is essential, and
hoping to be a national mentor for electronic payment
She argues, “Korea should have commercialized
easy and convenient payment methods like Amazon and Ebay”.
“Korea has the best Internet
infrastructure in the world but the worst payment system. Foreigners can’t shop
on Korean online shopping malls with their credit cards issued overseas.
Koreans have been purchasing many products and services on Amazon and Ebay for
a few years.” She said it is urgent to improve Korean payment system to an
advanced one. This will happen with improved financial environment and the
government interpretation related to electronic finance.
Also, she said “ongoing discussions
about security with card companies and arguments about amount authentication
should be dealt with in a broad view. This should based on a stable system but
it is our task to provide customers with the best convenience”.
CEO Soyoung Park strongly said, “the government’s
regulation reform and ongoing diverse debates will be beneficial to all of us
from a long-term point of view.
She said, “Since interest in security is
growing these days, I want to deliver basic knowledge about security to general
She also said, “I want to be a mentor to
housewives and small enterprisers and on top of that, I would like to
contribute to raise awareness of global electronic payment”.