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The dynamics of FinTech will greatly evolve as technology advances. As traditional financial institutions come together with FinTech, the ability to provide more innovative financial solutions to the swiftly evolving world become inevitable.
Cumbersome cross-border payment infrastructure can fail to acknowledge local market payment specifics, leading to commerce being held back. The PayU Hub aims to solve the cross-border commerce challenge using a single API integration.
With increasing cross-border commerce in high growth markets, implementation of local payment processing and the provision of alternative payment methods can lead to a frictionless payment system and a subsequent increase in conversions. The PayU Hub platform solves cross-border commerce obstacles using a single API, providing access to 2.3 billion potential new customers in major high growth markets across Asia, Central and Eastern Europe, Middle-East, India, Africa, and Latin America.
Collaborative partnerships with innovative and well reputed technology companies can aid building trust in fintech companies. PayU has collaborated with Kreditech - machine-learning based underwriting technology and Zooz - creation of the PayU Hub, one single API to reach potential customers while still letting customers pay how they prefer.
In the world of online payments, an alternative payment method is any payment method other than a credit card. As more than half of all online transactions are predicted to be processed via alternative payment methods its vital to offer alternatives in each market.
While alternative payments aren’t a new feature, they’ve gained momentum over the past few years as more consumers expect to see their preferred payment method online. Merchants can capitalise on the growing market opportunity by offering alternative payment methods.