×

Posted on

The State of Global Payments: Part 2

Tag: E-commerce

The State of Global Payments: Part 2
Mohab Super Merchants 0

The State of Global Payments: Part 2

In one of our earlier posts, we touched upon the upsurge in non-cash transactions across the world and how developing countries are driving the growth of online/digital payments. We looked at some hard numbers from Capgemini’s World Payments Report which justified the growth in non-cash transactions across the world.

In this piece, we will look at key trends that are key to driving global payments in 2017 and the future:

  1. Technology vis-à-vis International E-Commerce: It is indeed true that international transactions have increased in recent times but the subsequent pace of developing fast, secure, transparent and efficient solutions have not quite been there. Currently, there’s a need for more payments solution to cater to the growth in international e-commerce.

 

  1. Need for Agility and Pace: Whilst the growth in FinTech investments over the years, there is currently a tremendous hunger in the marketplace, for companies to deliver more instant gratification moments in terms of payments and flexibilities in payments solutions. Which means different types of payments solutions accepting multiple currencies.

 

  1. Enterprise Payments: As per the World Bank’s Cost of Sending Remittances report, checks are still prevalent in most organizations across the world, especially smaller organizations. As of 2015, 90% of small organizations across the world, used checks for making payments, primarily to freelancers and commission based sales force. Large banks and credit card technology companies still dominate the international payments space, which is plagued by complexities and very high fees. There’s a huge scope for new age payments solutions providers to solve some pressing international payments issue in the B2B space.

 

  1. The case of the Unbanked: According to a Citibank report in March 2016, there are still 2.8 billion unbanked and underbanked people in the world, especially in developing countries, where FinTech solutions have outpaced the penetration of legacy banking. The key to the growth of FinTech and Payments solutions has been because of the huge growth in mobile payments, aided by the tremendous penetration of mobile in developing countries.

 

  1. Banks and Technology need to be friends: Banks need to accept and recognize the fact that digital payments can do much more than automation. Digital and online payments solution providers shouldn’t view banks as their adversaries, rather recognize the value that they are adding to the global financial system, thereby cultivating opportunities for greater innovation and efficiency through collaboration.

 

  1. Transparency: There’s been a paradigm shift in the needs of the global payments market, in the context of more transparent pricing, flexibility in integrations and innovative customer service. It is an imperative for global payments solution providers to track all transactions in the entire payment process/cycle to ensure transparency.

 

Therefore, as you can probably gauge that despite growth in FinTech and digital payments, there remains a lot of opportunities/gaps in the marketplace that needs to be fulfilled/filled.

We would love to hear your viewpoints in the comments below and click here to experience a new economy payments solution that truly manages to fill existing gaps and adds tremendous value for your business.

Click here to read State of Global Payments: Part 1

7 years ago
Physical Store vs Online Store
Mohab Ecommerce 0

 

Physical Store vs Online Store

One fine morning, you wake up and you stumble upon a business idea that you instantaneously believe in and you think it will work great in the marketplace. You start working on your business plan and then you stop at a critical juncture, you start evaluating the feasibility and costs of starting a physical store vis a vis an online store.

Let’s look at the scenarios and help you take a wise decision.

When you decide to open a physical store, there are costs that need to be borne in terms of infrastructure, furniture, labor, etc.…. Furthermore, you must invest in the security of the store, the maintenance of the store, etc.… The costs involved in setting up and operating a physical store to sell your products are very high to begin with, not to mention you would have to indulge in some outdoor marketing to attract customers to your store. If you think you don’t need to do marketing, then your store better be in a good location to cash in on the automatic visibility. But, a good location comes at a cost.

Sometimes, the rent of the store will be abysmally high, due to locational advantages. Oh, last but not the least, there are regulatory clearances from the civic body & government that needs to be sought, before you start operating a physical store. In many countries, receiving regulatory clearances is not easy as sometimes, the process is cumbersome and tedious.

Therefore, purely from a short to medium term, it certainly doesn’t make sense to open a Physical Store, because it will take a while before you realize your return on investment. Hence, what’s the other option? Online, right!

It is 2017, the peak of the e-commerce revolution, the possibilities are immense. You don’t need to worry about location, physical security and outdoor marketing, to start shop. Sure, these elements exist in the online space as well but it is easier to deal with. To start up in the online space, you don’t particularly need any regulatory clearances. You would just need a few computers and a good internet connection.

However, you must ensure that you have adequate stock to service your orders. It is imperative to have a good supply chain and logistics system in place, because if the first 100 costumers, like your products, chances are that your orders will increase in a very short span of time, aided by digital marketing.

Having said that, the most important factor is the experience you provide to customers, when they land on your online store. The UX/UI (User Experience/User Interface) of your website needs to be top notch. Right from the homepage to the payment gateway, the amount of time that a customer will spend on your online, he should be blown away by the experience. The UX/UI will be your single most important driving factor for your online store, initially.

Contact us and we will be able to guide you on setting up a viable online business, apart from providing a seamless payment experience for your online store. Sign up for a free demo to understand the value of our payments solutions.

7 years ago
We can Ride on Your Cart!
Mohab Ecommerce 0

We can Ride on Your Cart!

When a customer shops on your website, little he is aware of the fact that you have shopped elsewhere to integrate your website with a shopping cart platform. Shopping cart platforms lie at the very heart of e-commerce and no merchant looking to venture online, can do without a shopping cart platform. What a door and furniture is to a offline store, a shopping cart is to an online store.

Quite simply put, the technology that runs in the back-end when you buy any product on any e-commerce site and add it to the cart for checking out. That virtual process is executed by a shopping cart platform. Once the customer arrives at the checkout page and agrees to pay, that’s where the payment gateways come to the picture. It is important to draw the distinction between shopping carts and payment gateways because merchants might be ambiguous to an extent.

In a world that has been shrunk with the onslaught of global e-commerce sites and multiple variants of shopping carts, it is imperative to have a payment gateway that caters to all types of shopping carts, be it Magento, Open Cart, Cs Cart, Woo Commerce, Shopify, Prestashop or WHMCS.

We have ready made extensions/plugins for you to integrate directly onto the platform of your choice. Now it is easy to integrate the shopping cart of your choice and start accepting payments with PayTabs.

Click here to learn more about shopping cart plugin integration onto your website, using PayTabs as a payment gateway. Moreover, you can contact us for any technical questions regarding shopping cart integration.

7 years ago
Payments Form The Core of Digital India
Mohab Super Merchants 0

Payments Form The Core of Digital India

The Indian e-commerce market is estimated to grow to $102.8 Billion by 2020. With a growing internet penetration and a plethora of private and government commercial services being offered through the web, that number doesn’t seem unrealistic.  India is by far, one among the top 3 markets for e-commerce globally. If you thought the $100 bn+ figure is staggering, hold your breath because leading research consulting firm Boston Consulting Group(BCG) estimates that the Indian Digital Payments Industry will grow to $500 Billion by 2020.

In recent times, the world has seen a FinTech revolution and India has been at the forefront of spearheading that revolution. The increase in adoption of digital and mobile payments has been staggering and as a testimony, 50% of India’s population is expected to be part of the digital payments industry 2020, according to the Boston Consulting Group.

The growth has been driven by a tremendous government push in digital payments arena fueled by the Digital India proposition.  Several government services at the federal and the state level have migrated in the digital space and encourage digital payments. The growth has been also aided by the fact that majority of the population has an Aadhar card number, which enabled reliable delivery of many essential services through authentic verification.

Having said that, the Indian digital payments scene is largely focused around domestic payments. There’s a large untapped market for international payments. We know that the regulations for international payments is not easy in India, but things are changing rapidly. There is tremendous scope for Indian exporters who are selling online, internationally to ramp up their operations. Not to mention, there’s enough room for exporters who aren’t online, to get their businesses online and sell to the world.

PayTabs is uniquely positioned as a key player in the Indian Payments space, specializing in International Payments. You can visit our website for more information and sign up for a demo if you would like to explore the power of our end to end international payments solution.

7 years ago
PayTabs: Not Just Any Payment Gateway
Mohab Growth Hacks 0

PayTabs: Not Just Any Payment Gateway

“People are the best show in the world. And you don’t even pay for the ticket.” – Charles Bukowski

There are two elements in that quote which resonates with the core business philosophy of PayTabs, i.e. People and Payments. PayTabs began as an idea with the sole mission to create a simple and secure platform for people and organizations to transact around the world.

At the heart of it, the mission seems simple enough, after all people are buying and selling in the new digital economy all the time. But the faultlines begin to appear once you deep dive into solving the problems of the payments processing industry, fuelled by the rapid e-commerce growth globally.

The problems are pretty striking when you look at it from a bird’s eye view:

  • Gap in the market in the context of multiple currencies being accepted as payments by an ecommerce platform.
  • End to end authorization, technology, infrastructure and services in the payments space being offered by a single solution provider: There aren’t that many players.
  • Security and Fraud Prevention is a major concern for the industry.
  • Not many alternative payments options available with majority of competitors in the industry.
  • Last but not the least, hidden charges by many competitors brings ambiguity to the minds of the merchants.

In the view of the above problems, PayTabs has created products which solve all of the above problems and thereby providing a breakthrough for the industry:

  • 160+ Currencies accepted on the platform.
  • Whether it’s multiple channels, schemes, acquiring banks, multiple shopping cart platforms, security infrastructure and systems, risk management and merchant services, we have you covered in all aspects in the context of building, operating and growing your e-commerce business.
  • Dual layers of fraud management infrastructure, dedicated fraud and account management.
  • 130+ alternative payments options designed to intelligent recommend you options that support your overall business goals.
  • No hidden charges whatsoever, we are completely transparent in our pricing.

For further insights on how we can truly add value to your business, visit our site. Moreover, you have an option of signing up for a demo to experience the true power of our technology.

7 years ago