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Purchasing items on social media is a growing international trend with huge potential. During the COVID-19 crisis, 42% of people in an international Global Web Index survey reported spending a greater amount of time on the likes of Facebook and Instagram. And with social distancing continuing for months, that trend is likely to continue.
According to PayPal, around eight million Britons currently buy items through social platforms and less than a quarter of businesses sell through them. It’s an underappreciated way of trading that CMOs at PSPs, along with banks and other financial institutions, should help clients concentrate on much more.
A record 33% of UK purchases took place online in May, according to the Office for National Statistics. Yet with average conversion rates at less than 3%, firms are still missing out on billions of potential income.
The likes of better, persuasive sales copy on websites can help firms profit more from the fast-rising interest in e-commerce in the post COVID-19 world. But CEOs and CMOs at PSPs and banks must ensure that their organisations are supplying clients and their customers with seamless checkout experiences. Payment platforms should be mobile-friendly and instantly offer an alternative payment method when the customer’s first choice did not work out. And of course it should send out second-chance emails if a customer has prematurely abandoned the payment page. Moreover, they should let customers use their native currency, if possible. However, if firms are to really compete, platforms also need to make heavy use of recent innovations.
The ecommerce market is on a powerful growth trajectory – one that has only been boosted by the ongoing COVID-19 pandemic forcing shoppers globally to stay at home. According to eMarketer, global ecommerce sales will hit $5 trillion next year, following a period of annual growth rates of over 20%.
The opportunity for banks and other payment businesses is enormous. Billions of dollars of fees are available for companies that can make international ecommerce as smooth and seamless as possible for their merchants. The trouble is that offering a truly international payments platform is challenging for any organisation, let alone an established bank or payments business with dated technology and a sprawling existing infrastructure and client base to manage.
For the CIOs and CTOs of banks and PSPs, fraud and security are never very far from their minds. Protecting both their own organisations and their merchants from the threat of cybercrime is a truly business-critical challenge – and one in which the stakes are always changing.
The ongoing COVID-19 pandemic has brought the issue even more to the fore. With many bank branches closed, cybercriminals have jumped at the chance to develop tailored scam and spear phishing campaigns, attempting to steal consumers’ login credentials. Others have capitalised on people’s desire for information in these uncertain times, creating phishing emails purporting to offer official updates and advice.
The payments market opportunity Ecommerce is big business. Emarketer has predicted that global ecommerce sales will reach $5 trillion by 2021, following sustained annual growth rates of more than 20%. In turn, this flourishing market generates billions of dollars of fees for the payments companies that enable it.
Little wonder, then, that an array of non-banking financial solutions providers has flooded the marketplace in recent years. Without the constraints of dated technology or a sprawling existing infrastructure to manage, these disruptors have been
Sunil Jhamb, Newgen Payments: When it comes to white-label platforms, being technically relevant and anticipating market trends is of the utmost importance.
In the fintech markets of today, open and modular banking is a continuing trend. At the same time, it is a highly specialized and complicated ecosystem for outsiders to figure out. The growing demand for white-label solutions triggers various companies to offer their solution as a white-label product. The same goes for payment platforms.
According to Link4pay officials, the company chose WL Payments as as their gateway technology provider for card and alternative payment processing because it fulfills Link4Pay’s growth objectives.
Bankingblocks, an Amsterdam-based wholesale banking provider for fintech and payment companies, teams up with WL Payments to provide a true omni-channel, universal payment gateway
Bankingblocks, a European Payment Institution, has chosen WL Payments as its Payments Technology Block – a full, omni-channel payment gateway which can be customised to the needs of any business, small and large. Bankingblocks, which offers modular payment and banking services with integrated licensing, chose WL Payments as their gateway technology block due to the unique nature of their platform, cross-services capabilities and similarities in the companies’ visions about the future of payments.
“We chose WL Payments as our core-partner for card and alternative payment processing after significant market research, experience and direct-customer testing. WL Payments technology, development approach and modular, buildable products are a perfect fit for our modular, wholesale banking and payments offering.” – Bankingblocks CEO Daria Rippingale
WL Payments is een spinnoff van Newgen Payments. We spraken met de CEO van WL Payments over de kansen in de markt, ontwikkelingen op het gebied van online betalingen en voordelen die WL Payments biedt aan haar partners.
WL Payments wordt officieel gelanceerd tijdens de Webwinkel Vakdagen. “Wij hebben in de afgelopen 3 maanden al 4 nieuwe partners mogen verwelkomen. Wij spreken bewust van partners en niet van klanten omdat we in volledige samenwerking de beste oplossing bedenken en implementeren. De belangrijkste feedback die we krijgen is dat de integraties supersnel en professioneel verlopen zijn,” zo vertelt Sunil Jhamb.
WL Payments, the trusted white-labelled global payments platform that consolidates multiple features like transaction routing and reconciliation, brings its customers Apple Pay.
Bankingblocks, an Amsterdam-based wholesale banking provider for fin-tech and payment companies, teams up with WL Payments to provide a true omnichannel, universal payment gateway.