Business Reporter: What's next for digital payments in 2021?
Consumers around the world are shopping more than ever on the internet, pushing retailers to offer new payment methods to attract future customers
LONDON, Dec. 17, 2020 /PRNewswire/ -- In an article published on Business Reporter, Gustavo Ruiz Moya, CEO of SafetyPay, describes the changing nature of consumer retail and payment behaviour around the globe. For example, e-commerce sales in Latin America represent $109 billion, with potential for growth in the next 4-5 years to $200 billion.
As e-commerce continues to accelerate, banking institutions have been forced to develop alternative and automated payments because of the increased number of e-commerce transactions caused by the pandemic and many other variables.
Responding to this requires innovative thinking. Three billion people worldwide do not have credit cards; two billion do not even have a bank account. Retailers and financial institutions must look for new ways to serve these underbanked consumers.
The best way forward is for financial service providers to work alongside merchants to develop and provide solutions that consumers trust and find convenient for everyday use.
The merchants themselves need to be provided with accessible and cost-effective services. In addition, the growth of online retail has made the ability to take cross border payments an essential part of any service.
Digital payments are unlikely to disappear once the pandemic is over, and indeed they may continue to expand. Merchants must be prepared to take advantage of this change.
To learn more about the future of digital payments, read the article.
About Business Reporter
Business Reporter is an award-winning supplement published in the Sunday and Daily Telegraph, City AM and online, delivering news and analysis on issues affecting businesses to a global audience. It also hosts conferences, debates, breakfast meetings and exclusive summits.
About SafetyPay
SafetyPay is a non-card payment method with the largest bank network that enables bank transfers, online cash payments and cross border transactions for a global market of consumers. It processes two million monthly transactions with a response time of 300 milliseconds. Cross-border transactions by enabling merchants and consumers to accept and make payments in their own currency. In addition, real time payment confirmation means that the shopper knows that payment was received and enables transactions in industries where instant payment is required such as some airlines and travel companies.
Sources
https://business-reporter.co.uk/2020/12/09/whats-next-for-global-digital-payments-in-2021/
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