Despite having a wide variety of payment gateways (PG) around the world, major problems still exist for the merchants in the emerging markets. Having a wide audience with the income to purchase goods and sufficient access to the Internet is not enough. In fact, many more factors have held up the progress of e-commerce in many emerging markets – even Paypal has decided not to expand into selected markets, in this case, Lebanon.
PG integration can often take weeks, incur expensive setup costs, have a barely localized transaction support, can’t allow merchants and consumers to transact in local currency, charges an extra Foreign Exchange cost for each transaction, and have slow, costly and complex settlements. These are just scratching the surface of the issues plaguing e-commerce worldwide.
Your usual PG runs the following problems:
|Legacy Payment Gateways|
|Consumer experience in only in English|
|Operates only in USD currency|
|Setup is inefficient, expensive, time-consuming|
|Lack of innovation – i.e. mobile payments|
|Basic payment services and no financing services|
|Only Cards payments and no solution for C.O.D.|
|High dependency on acquiring banks|
What the world needs is a new innovation in this $9billion market that can do the following
|Operate in the language of consumer|
|Use the currency of consumer|
|Setup quickly with no upfront costs|
|Enable mobile payments|
|Allow tokenization, insurance and financing|
|Provide multiple funding sources and solution for C.O.D.|
With the constant progress of technology and increasing demand for a better online/mobile payment solution, this industry is ripe for disruption. The e-vendors will look forward to conducting their business faster worldwide and consumers can anticipate being able to make transactions on-the-go. It will only be a matter of time before a major breakthrough can be seen to revolution the way e-commerce is conducted around the world.