Electronic Payment Procedures Around The World
Payment gateways frequently play a pivotal role in the way a business operates. With company websites open to a Global audience, it is important to not restrict your business to merely accepting Sterling, but open yourself to a wider audience to accept multiple currencies. Extensive research has shown that consumers are now increasingly likely to purchase from foreign websites for products or items they cannot access in their home country. It is widely predicted that cross-border online purchasing is set to increase by 28% each year and in 18 months this figure is expected to reach $1 trillion.
Technology is changing trends
Technology is transforming the way consumers are making payments. Back in 2008 a little over 22 million transactions were made by cash each day, with debit and credit card payments accounting for a small proportion of that. Experts predict that in 10 years from now in 2028, this figure is expected to drop to twelve million (or there about).
There are countless payment methods and solutions emerging. As touched upon earlier in this article this includes contactless, mobile, e-wallet and e-commerce payments all of which are steadily replacing the established transactions we see up and down our high streets.
Only a few months ago in early 2018 it emerged that Visa had designed a specific advertising campaign around this which was entitled “cash is awkward” and provides a rather light hearted advertising campaign. Some reports had suggested Visa had even paid US retailers to stop accepting cash.
The long-term move from cash towards electronic payments is gaining momentum at an unprecedented rate. Some consumers are unhappy that this decision is being taken out of their hands and is not on their terms.