Cash is out. Cryptocurrencies are confusing. Digital Wallets are in.
It used to be counting cash at the counter, then writing cheques, then credit cards, then digital banking, then Tap-to-Pay and now it’s ‘pay with a look’ as facial technology begins to sculpt the future of payments.
In the short term, as with social media networks, there are a few international payment options that are truly ubiquitous. The MasterCard, Visa, PayPal types that have managed to cover a vast majority of the world, but what about the local or emerging payment options that ensure you can offer your customers a frictionless purchase experience. What percentage of people use these locally and how important are they for your international customers?
weChat Pay, AliPay, Line Pay, Kakao Pay, Union Pay, Apple Pay, Google Pay…etc
While a lot of these payment methods are emerging as international opportunities there are still some that remain more heavily utilised in local markets.
If you’re taking your business global it’s important to consider the fastest and easiest ways you can not only market your products and services but also how you are best positioned to accept payment for these to maximise your conversion rates and consumer confidence.
- What payment methods are more popular in each market?
- Can I receive payments for these without a local bank account?
- What does it take to set up in each market?
- Is there a way to have one payment partner that covers all these possible options?