Payments Powering the Platform Economy

New Report: Solving Gig Platforms Cross-Border Payments And Compliance Complexities

The eCommerce marketplaces have been a lifeline for businesses and consumers who want to transact under stay-at-home orders and while safely social distancing. These marketplaces need to have strong security approaches in place, however, to ensure they do not accidentally onboard any fraudulent sellers or let other scams be perpetrated across their platforms. Creating secure, convenient experiences for sellers and buyers alike is critical to eCommerce marketplaces looking to serve the retail sectors’ new needs and to help platforms appeal to more users. The July Payments Powering the Platform Economy Report examines how international eCommerce platforms work to create transaction experiences that are compelling and secure for users in each market they serve.

Around The eCommerce Payments World

Logistics company DHL is doubling down on efforts to provide eCommerce services to the growing number of digital shoppers in sub-Saharan Africa. The company had launched an online marketplace for 34 countries in the region last year and recently acquired a minority stake in the eCommerce solutions provider with which it collaborated on the effort.

Visa is also putting focus on consumers in Africa. It partnered with mobile network services provider Safaricom — the company behind popular mobile money service M-Pesa — to enable M-Pesa users to make eCommerce transactions. The collaboration is expected to give Visa’s global merchant and card network access to M-Pesa’s financial services network.

Beauty retailer Sephora, meanwhile, is renewing emphasis on China by deploying a localized eCommerce presence. The company launched an online store using an eCommerce platform service from China-based Alibaba where it now offers features tailored to appeal to how consumers in the nation prefer to engage with their brands.

Find more about these stories and the rest of the latest headlines in the Report.

How Global Freelancing Marketplaces Can Maintain Security And Regulatory Compliance

Freelancing marketplaces must ensure that employers and gig workers feel safe connecting over their sites. Hirers must trust that the freelancers have the skills promised and will deliver assignments, and workers need to be sure that their payments will arrive securely. Platforms also need to be sure that they can comply with the regulations of each country they serve. In this month’s Feature Story, Shany Malbin, director of payments at professional services-focused freelancing marketplace Fiverr, explains how strong authentication procedures and partnerships help the platform stay compliant and instill trust.

Get the full story in the Report.

Deep Dive: How Marketplaces Grow Globally With Locally-Focused Compliance, Payments

The eCommerce marketplaces trying to expand into new countries have their work cut out for them. This is because they need to make sure they are not failing to keep up with each markets’ different local regulations or they will face serious fines. They also need to ensure that they only onboard reliable, honest sellers and that they provide convenient payout experiences suited to the needs of merchants in different countries. This month’s Deep Dive examines how localized compliance and payments help digital marketplaces operate smoothly across borders and appeal to sellers in each market.

Read more in the Report.

The Payments Powering the Platform Economy Report, a Payoneer collaboration, provides an in-depth examination of how digital payments platforms can aid merchants in overcoming barriers to securely expanding their eCommerce operations worldwide.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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