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Emerging markets offer a golden opportunity for online businesses to engage in cross-border e-commerce, enabling a potential multiplication of their existing market base. It is important for international merchants to be fully informed on the heterogeneity of the market they are entering. Working with a local partner can aid understanding local buying trends, payment preferences, as well as regulatory requirements.
David Lin, Global Head of Data Science and Credit Risk at PayU, recently spoke to The Fintech Times about the future of the digital lending market and the core trends in this industry. "Players in the digital lending market must ensure that they provide exceptional customer service and consumer experience. They need to create engaging, user friendly platforms that are equipped to deliver interactive responses in real-time" said David.
It’s clear to see that partnerships between retailers or platforms and payment service providers will become an increasingly prevalent trend across the payment landscape. In particular, we are likely to see smaller, more technologically innovative players being acquired and used by their partners to get ahead in the increasingly competitive market landscape.
Here at PayU, we made sure we were ready for the big peaks in online transactions we expected to see across our markets. Our data shows that the Black Friday trend is growing year on year, and this year specifically showed that nowhere is this truer than in emerging, high growth markets.
India is witnessing massive digital payments revolution, having seen a 300% y-o-y growth in 2017. Nevertheless, some hurdles including low credit card penetration, lack of cross-border enabled payment methods and most importantly international merchants require a local entity to enter India. PayU solves these issues and allows you to process payments in India without facing these challenges.
PayU's most recent investment in Remitly enables remittances from the US, UK and Canada to all over the world. Remitly's advanced technology in companionship with PayU enables a fast, cost-effective and convenient transfer of digital money internationally.
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.