The world is getting smaller. E-commerce allows consumers to shop for almost anything from almost anywhere. But in terms of payments, cross-border commerce is as challenging as ever. The ability (or inability) to pay in the currency that is comfortable for the shopper can make or break a sale.
That’s why First Data is announcing news of its First Data Local Payments solution. This allows a merchant to manage a range of online payment methods via a singular interface and collection model.
“Today, 57 percent of global consumers shop across international borders, and separate reports have indicated that as many as half of these people may end a sale if their payment choice is not offered,” said Shane Fitzpatrick, global head of eCommerce at First Data.
Through First Data Local Payments, merchants will be able to accept online payments from just about anyone, anywhere who wants their goods or services, regardless of whether that person has a bank account. That’s key because so many people around the world lack access to banking resources, even at the same time that digital commerce is starting to reach those markets.
When fully implemented, the solution will support 195 local payment options, including direct debit, e-wallets, real-time online banking and electronic cash. It will remove the barriers of trust and security concerns, cultural preferences, technological limitations and political restrictions.
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