Historically, different currencies have played decisive roles in making international trade possible. What’s more, cross-border payments have been undergoing substantial transformations throughout the years, driven by innovations and shifting market demands. Even today, major shifts are still ongoing in response to global events, revolutionary technology, and dynamics in the global economy.
Over the course of the past decade, the retail sector has been facing plenty of challenges, from supply chain bottlenecks to surging inflation. Besides, as living costs rise, consumers become more cost-conscious, demand more value for money, and seek to be rewarded for their loyalty to brands. This situation is true for many locations across the globe, including the Asia-Pacific (APAC).
The Australian eCommerce sector has been actively growing over the past few years, transforming the country’s retail landscape. In fact, the share of online sales in the local market is estimated to reach an impressive year-on-year growth rate of 16.8% in 2023. While this shift is advantageous in many ways, it also comes with some challenges for domestic brands.
Smartphones and tablets are the devices that the majority of consumers have at hand at all times. Thus, regardless of whether you sell your products or services online or in-store, integrating mobile payments is vital for offering a smooth shopping experience for your customers.
While countries across the globe are experiencing the effects of a severe economic downturn, financial service providers are facing unprecedented challenges as they try to stay afloat among shifting consumer needs, increased market volatility, evolving fraud, and major budget restrictions.
Countries around the world are actively upgrading their national payment schemes to keep pace with technological progress, evolving consumer expectations, and advancing business needs. For instance, the UK, Singapore, and China are at the forefront of implementing novel fintech solutions, including real-time payments (RTP), mobile transactions, QR codes, machine learning-based tools, and beyond.
According to the latest statistics, internet usage among European residents aged 16 to 74 has reached 90%. Notably, 74% of individuals shop online regularly, yet only 14% have experience using instant payments. While these figures reflect an ongoing digitization trend, they also highlight the fact that Europe has yet to unlock the full potential of real-time payments (RTPs).
Starting last week, foreigners were enabled to link their international cards to WeChat Pay and Alipay, China’s two dominant payment apps. This is big news for anyone planning to visit the Middle Kingdom, as it allows tourists to conduct cashless transactions as conveniently and seamlessly as locals do.
Dear esteemed clients, We are excited to present Payneteasy Dashboard, our new mobile app designed to facilitate effortless business operations monitoring and convenient order management wherever you are. With this tool, you no longer need a laptop and browser to track orders, payment statuses, and your company’s performance - all these features are available at your fingertips!
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