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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.
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.
A new wave of payments innovation is taking place globally and emerging, high growth markets are the ones to watch. Encouraged by increasing customer demand, favourable regulation and unburdened by legacy infrastructure, countries in high growth markets are beginning to lead the pack when it comes to large scale payments innovation.
Ecommerce continues to soar in emerging markets. Various global e-commerce studies indicate that in 2017 we can expect to see further growth in online transactions worldwide. The rise in internet access and the use of smartphones in emerging markets has been the main driver for e-commerce growth in developing markets.