International Expansion into Emerging Markets
AMSTERDAM, THE NETHERLANDS -- (Marketwired) -- Payvision, an independent global card processor and one of the fastest-growing Global Acquiring networks in the payments industry, has released the annual research paper dubbed "Key Business Drivers and Opportunities in Cross-Border Ecommerce". The report is the result of a collaborative global survey by CardNotPresent.com and Payvision and it reveals interesting insights on how merchants, PSPs and acquirers believe cross-border ecommerce has changed, their preferred markets for driving growth, which markets hold more challenges, and why.
One of the most remarkable results of the survey is that credit card is the glue that binds the ecommerce markets together. Despite the multiple alternative payment methods in the ecommerce domain, the survey showed that the most commonly preferred online payment method is still credit card. This perspective doesn't limit expansion prospects to the most established markets. It does, however, highlight exciting opportunities in countries such as Spain, Canada, Brazil, and South Korea, where credit cards were already the preferred payment method. Now is the time to tap into these growing markets.
The report further reveals that the majority of merchants, while more comfortable with cross-border activity than last year, are cautious when it comes to the exotic markets of the East. Most prefer to drive growth through markets where languages and cultures are similar, and infrastructure is developed. While this is sound advice on cross-border expansion, it does reveal a gap in the market. The potential lies in the emerging markets now; Latin America demonstrates considerable potential, but with vast numbers of consumers, minimal competition and recent government schemes, it is the Chinese market opening up the most possibilities for overseas merchants. There is growing confidence in cross-border spending, largely thanks to increased mobile connectivity and m-commerce.
"In established markets, growth rates are slowing down and domestic saturation points are being reached, therefore online merchants are now looking at cross-border ecommerce to drive further business growth. With assistance from international partners, a notion considered to be of utmost importance in international expansion, and the support of a global acquiring network, now is the time to jump these hurdles," said Rudolf Booker, CEO Payvision.
Key Business Drivers & Opportunities in Cross-Border Ecommerce 2014 is available today as a free download at http://www.payvision.com/cross-border-ecommerce-report-survey-2014.
Payvision is an independent Payment Solution Provider specialized in Global Card Payments for the ecommerce market. Payvision offers acquiring Banks, agents, Payment Service Providers, ISO, MSPs and their merchants a secure PCI DSS compliant, PSD Licensed international payment processing network enhanced with innovative technology. Over the past decade, Payvision has consistently expanded its geographical footprint in over 40 countries with offices in New York, Utah, San Francisco, Madrid, Paris, London, Cologne, Toronto, Singapore, Tokyo, Hong Kong, Macau, and Auckland, resulting in vast knowledge and insight in the complexity of Card Payments and ecommerce. Payvision provides its customers 24/7 Support, 150+ transaction currencies and regional card settlement currencies, a high-end reporting interface and a solid risk management solution. Payvision's experience in the different international regions has resulted in a global network of global acquiring banks, connecting over 300 trusted business partners with more than 5000 web merchants worldwide, for which we process over 100 million transactions a year. For more information about Payvision, please visit www.payvision.com.
Payvision is a founder and member of CBEC, a community designed to become the industry's cross-border ecommerce knowledge hub, offering a deeper understanding of key insights on ecommerce that can drive international expansion, for the benefit of all stakeholders within the dynamic global ecommerce landscape: http://www.crossborder-ecommerce.com/
CardNotPresent.com is an independent voice generating original news, information, education and inspiration for and about the companies and people operating in the card not present space-one of the only sources of content focused solely on this growing segment of the payments industry. Our only product is information. Our only goal is to provide it in an unbiased manner to our subscribers. The company's media platforms include the CardNotPresent.com portal, the hub for news, information and analysis about the payments issues that most affect merchants operating in the space; the CNP Report, an e-newsletter delivering that focused information directly to your email inbox twice a week with no extraneous clutter; the CNP Expo, an annual gathering of the leading companies in the space from the smallest ecommerce Websites and technology providers to global retailers and payment processors; and the CNP Awards, an annual event honoring the products and solutions CNP merchants rely on most to increase sales.