Cross-Border eCommerce: Payments’ Next Frontier
As global trade grows, all stakeholders in online industries are facing new challenges, for instance, how to make cross-border eCommerce profitable. Global eCommerce has been growing, on average, 19 percent each year and in China, eCommerce sales grew 130 percent in 2011. According to JPMorgan Chase, by 2015, eCommerce will have grown to $1.4 trillion. In developing, emerging and maturing markets, mobile eCommerce is providing consumers with new payment methods to purchase goods and services online.
Consumers are being provided with a growing variety of alternative payment methods, which service a domestic market. Payvision believes that cross-border eCommerce and mCommerce require card payment methods which offer global consumers worldwide coverage. More than half (52 percent) of global online consumers indicate they use credit cards as a common payment method and this is not expected to change in the near future.
A new report from Payvision (who also published “Mobile Payment: A Shifting Landscape” and “How To Reduce The Complexity Payment Service Providers Face In A Global eCommerce Market“) breaks down key factors in the online music, travel, gaming, software and retail sectors, and shares how companies can thrive in an expanding industry.
Regional trends are highlighted and this report looks at risk types related to these specific industries. You will see how business models adapt, in anticipation of a changing market and how these new business models present exciting business opportunities for global Card Processors, international Payment Service Providers, ISOs and Acquiring Banks, reaping the fruits of profitable cross-border e-commerce, by sharing knowledge and by connecting to one innovative and secure eco-payment network.