PAYMENT SOLUTIONS
Q . Are cross-border payments inaccessible to those outside of general financial inclusion , or are there active efforts to also reach these people ? CG : In developing countries , there are systems in place such as cash-voucher schemes whereby consumers , who are often unbanked , can buy a voucher with a cash value at a convenience store and then use it to pay for goods and services online .
To succeed in the global marketplace , merchants and the payment service providers servicing them need to offer the local payment methods for any and every market in which they intend to sell .
Besides , there is every reason to want to expand into new markets . The global e-commerce market is worth more than US $ 4.3tn . By 2019 , the cross-border e-commerce market was worth $ 780bn , and the pandemic took this burgeoning market and turbo-charged it . The volume of cross-border e-commerce surged by 42 % in Q2 of 2020 .
Q . Does there need to be a ‘ levelling ’ of payment tech globally to make crossborder payments more viable ? CG : I can tell you it ’ s incredibly unlikely . Local payment methods will only proliferate as they address more and more specific demands of consumers . All these payment methods exist because of local preferences , cultural considerations , and infrastructure .
PPRO enables cross-border commerce thanks to years of building technology and relationships with companies situated in every position of the payments ecosystem . Our clients , which include some of the largest payments companies in the world , have found this is the most effective way to grow .
86 September 2021