The Nordic countries in Europe are widely recognized as being extremely modern and digitally savvy nations. In fact, a popular opinion in the payments space is that the Nordic countries will become the first “cashless” societies, clearly conveying the importance of digital payments in the region. This is also illustrated by the fact that 84.65% of Swedes shop online, making it the number one e-commerce embracing population in the world. According to the same report, Norway ranks as the second largest e-commerce market in terms of revenue per shopper. Therefore, it is no surprise that the Nordics are an attractive region for cross-border merchants and knowing about the local payment methods is imperative for expanding into these digital nations.
Considering the recently increasing shift from physical to online stores, customers are looking for ways that allow them to pay for their individual share when making a group purchase. In particular, when contributing towards gifts or group travel, the cost may be too hefty for any one individual to carry alone. Hence it’s essential for merchants to implement a way that allows dividing payments for a single transaction among multiple people. This is where our innovative solution comes into play- Split Payments; Going Dutch.
In this day and age, everyone is constantly looking for the quickest, most convenient way to execute a task. We see this trend applying to payments as well, from online shopping purchases to gaming top-ups. The younger generation of consumers demands a frictionless experience in their online shopping, and the e-commerce players are expected to deliver thereby. This is why merchants should consider optimizing their check-out experience with One-click Payment.
WL Payments, a trusted white-label global payment platform, allows merchants to run and manage a platform without the complexity of building the infrastructure themselves. Besides providing many conversion-boosting solutions, one critical feature of our payment gateway is its security. Due to the high interest in providing a secure payment process, we recently interviewed Lovepreet Singh, the Infrastructure Lead, to discuss the challenges of maintaining and securing a payment platform’s infrastructure.
E-commerce activities have been on the rise since the pandemic hit the world. According to Adobe, e-commerce growth has been massively accelerated by 4 or 6 years and expects to continue during the so-called ‘’second COVID-19 wave’’. Salesforce’s Shopping Index data have also indicated that global online sales revenue has grown up to 71% year-over-year in the second quarter of 2020. On the one hand, this change in buying behavior has impacted most traditional retail stores, still struggling to survive.
In 2021, e-commerce is predicted to account for 18.1% of the global retail sales, one of the highest percentages in a single year, according to Statista. As international e-commerce offers many opportunities for global business expansion, it also presents a highly competitive market. Optimizing payment success rates, decreasing the cost of transactions, and maintaining redundancy during the payment process are just a few challenges that any online merchant might face. One solution is the use of Intelligent Transaction Routing (ITR), a technology of growing interest in the last few years.
According to the Worldplay annual payments report, digital wallets are set to be the most popular online payment method by 2023, with a 52% market share. This change is mainly driven by growing digitalization and smartphone penetration.
A digital wallet is a payment system for making e-commerce transactions. Usually, individuals’ bank accounts are linked with digital wallets, which securely stores user credentials and banking information. One can utilize digital wallets to both make payments online or also in-stores that accept mobile payments. Examples of the most popular digital wallets are ApplePay, Google Pay, Paypal, Venmo, and AliPay.
The e-commerce sector is growing at a rapid pace in Europe, with 13% growth in 2019 compared to 2018 and 23% of e-commerce being cross-border. Moreover, the coronavirus crisis further illuminated the importance of digital payments, forcing companies to evaluate their online presence.
This digital growth and external pressures present many opportunities to expand. Yet it is crucial to be aware of the most popular payment methods in other markets, as customers ultimately need to be able to complete the transaction and pay with their preferred method.
As the E-commerce sector is evolving, fraud is also becoming more prevalent and sophisticated.
Evidently, fraud management is of growing importance to businesses that attempt to break the cycle of this constant cat and mouse game. In this article, we will discuss the main challenges associated with fraud prevention and the relevant tools your business can adapt to mitigate the risks.
A lot of effort goes into getting visitors to the payment page.
In the e-commerce space, companies are (and should be) continually working on improving conversion rates. Testing the most beneficial Google Advertisements, designing the most frictionless and appealing landing pages, writing compelling and converting content are key tasks of content writers, online marketeers, SEA specialists, among others.
The Chief Technology Officer (CTO) of WL Payments discussing the role of the CTO in maintaining a high-quality payment platform
The payments landscape is evolving quickly and thus the CTOs are under more pressure than ever to keep up with the changes while performing their regular tasks simultaneously. We got a chance to talk to the CTO of WL Payments, Chinmay Jain, about these new challenges presented to CTOs and discuss what the payment platforms can offer to make their jobs easier.
No matter the size of your business, reconciliation is one of the principal accounting issues for finance teams that takes a life of its own.
Let’s find out why reconciliation is important for your company and what are the fundamental challenges associated with this internal control mechanism.
WL Payments is officially launched at the Webwinkel Vakdagen. “Over the last 3 months, we have already welcomed 4 new partners”
We knowingly speak of partners instead of customers, because we think of solutions and implement them in complete co-operation.
Corona is closing shops. Millions of companies feel the fall out caused by the handling of the Coronavirus pandemic.
Although most countries have their own policy in containing and battling the spread of the virus, most of them result in the closure of shops and factories unless they have been labelled as essential. Ensuring the companies’ survival during this pandemic, their owners are looking at alternative ways to keep servicing their customers while minimizing the risk of getting and spreading the coronavirus.
In the last edition of Who’s Who in Payments we had the honour to be named as one of the ‘Start Up’s to watch in 2020. They interviewed our CEO, Sunil Jhamb and learned how WL Payments is changing the market for managed payment platforms for PSP’s, ISOs, acquirers and banks.
With a focus on seamless integrations and customization to the client’s needs, WL Payments is a perfect partner for the IT department that is usually swamped with long term projects. With all the necessary API’s, plug-ins and wrappers, IT departments can play a fundamental role in creating the solutions that product managers need in growing the company.