The World Has Shrunk!
Dilshan is a handicraft and handloom merchant based out of Mysore, India. He has an online store, where he sells his products to customers across the world. Akbar is a handicraft collector and he lives in Dubai. He regularly buys from Dilshan and pays him online, either through his store or remits the amount to his bank account.
The distance between Mysore and Dubai is 2600+ kilometres/1400+ nautical miles, separated by the huge stretch of the Indian Western Ghats and the vast Arabian Sea. Yet the distance is irrelevant in the context of global e-commerce and international payments.
Owing to the rapid penetration of cross border e-commerce in recent times, the world has witnessed a surge in the need for robust and seamless payments. In fact, that’s exactly what has been happening in the payments space, the business needs of the industry has led to effective and efficient payment processing systems.
“The 2016 Pitney Bowes Global Online Shopping Study reveals how consumers’ buying habits are changing with the continued growth of cross-border e-commerce. Moreover, the number of global online shoppers will grow 50% by 2018.”
There is a clear need for more alternative payment modes and more currencies being accepted in the payment processor, as customers from across the world visit and purchase through an e-commerce site. Whether the business is a pure-play e-commerce site or a marketplace or platforms, it is imperative for the entity to choose a processor that is adaptive enough to enable universal accessibility and create new opportunities.
However, sceptics would still argue that security of online payments remain a concern among customers and businesses alike. What they seem to forget is the rapid strides made in fraud preventions and internal security compliance by all payment processors and gateways means that the security risk has been mitigated to a great extent.
Lastly, one would have been really living in a cave to not witness the e-commerce revolution across the world, which has indeed shrunk the world.
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