The e-commerce industry is booming in many Asian countries. This is due to the transformation of many South Asian countries into cashless economies. Digital payments are fast gaining popularity in many Asian countries due to the ease of carrying out online transactions. There are many trends that suggest that the online business ecosystem is changing, and e-payment technology is at the center of it. For online payment technology providers, it provides an opportunity to develop and optimize payment gateways for online retailers that are seeing a rise in customers every day.
Problems that Need to Be Overcome in the E-Payment Industry
For many South Asian countries, the online payment landscape is deeply fragmented and there is a need to make it more comprehensive. An omnichannel payment solution is one way to bridge the gap between these countries so that it is easy to do business between different countries. Each region has its own regulations and complexities that make it hard to navigate e-commerce payment infrastructure. To make a market standard there is a need to converge the needs of the consumer across these countries which is already happening. With an increase in online shopping demand, comes the need for an infrastructure to already be in place to meet these demands.
Payments Trends that Are Shaping the Future of Digital Payments
- Shopping Cart Plug-ins: Reputed providers are offering payment platforms that support the plug-in of shopping cart systems such as WIX, Magento, OpenCart, WordPress etc. This will allow websites to have excellent e-commerce functionality. Apart from multiple payment methods and easy customization and integration options, this facility will help websites draw in more business in the long run.
- Digital Wallets: These wallets are seeing more users every day in Asian countries. Payment schemes such as the buy now, pay later (BNPL) offer merchants another payment option on its platform.
- Promotion of Digitalization by Government Bodies: More and more Asian regulatory agencies and regulatory bodies are promoting the use of digital payments. This is also followed by a concentrated effort to improve the online payment infrastructure.
- More E-Payment Solution Providers in the Market: Due to the rise in digital payments, there are more service providers entering the market as well. For example, Hong Kong online payment gateways are being more commonly used by merchants in the country. The same can be said for other South Asian countries like Singapore, the Philippines, and Thailand.
Finding the right provider requires a mix of several factors, from expertise to experience. Look for providers who offer a range of options, from integrating shopping cart plug-ins to creating user-friendly interfaces which will keep customers coming back for more.< Next post - Implementing Innovation Payment Systems for Your E-Commerce Business Prev post - The Relevancy of Cryptocurrency Payment Gateways in 2022 >