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m-Commerce: The Future!

Category: Growth Hacks

m-Commerce: The Future!
Mohab Growth Hacks 0

m-Commerce: The Future!

In 2014, global m-Commerce revenues were $184 billion which is poised to increase to $669 billion by 2018*.

These figures are a testimony to staggering growth of mobile retail commerce in recent times, primarily led by deeper smartphone penetration across the world. In terms of regions, Asia has witnessed the highest growth in mobile commerce, which is not surprising given the population of Asia as a continent and the pervasiveness of the smartphone across the continent.

In multiple surveys, shoppers across the world have agreed that modern mobile sites are safer and easier to use, than ever before. Clearly, there has been a sea change in UX (User Experience) of a mobile site or a mobile app, leading to greater affinity towards mobile shopping. However, the growth of mobile commerce is due to some key factors:

  1. Pervasiveness of Digital Wallets: Across the world, there has been a steady increase in the adoption of digital wallets, which has had its effect on mobile commerce numbers growing. In countries like India, clearly there has been a faster than usual growth in m-commerce, led by the government’s push towards non- cash transactions. The phenomenon of digital wallets has changed the mobile commerce industry worldwide and it is not just limited to developing countries.
  2. Increased Trust: Over time, consumers have increasingly felt more comfortable shopping on mobile. Trust has led greater adoption of m-Commerce across geographies. The trust has been built by the convenience offered by m-Commerce which has been lapped up by the consumers across the board.
  3. Checkouts in a Jiffy: One-page checkouts coupled with the adoption of digital wallets has made checkouts hassle free and has led to greater mobile conversion. If the consumer can quickly buy his or her product, he or she will surely visit the site again to make a purchase.
  4. Increased Awareness: In an interconnected world, a consumer anywhere can learn about m-Commerce and its growth. The stupendous growth has created an urge amongst shoppers to jump the m-Commerce bandwagon and experience shopping at his or her fingertips.

At PayTabs we have been enabling m-Commerce by offering a comprehensive payment solution fully optimized for mobile. Sign up for a free demo to experience the power and flexibility of our solution.

*Data Source: Statista

9 years ago
Technology: A Key Differentiator for PayTabs
Mohab Growth Hacks 0

Technology: A Key Differentiator for PayTabs

“Any sufficiently advanced technology is equivalent to magic.” – Arthur C. Clarke (Author)

The world of payment solutions has evolved dramatically in recent times, given the growing need of global e-commerce. Most merchants nowadays require a comprehensive solution to take care of their payment needs, whether it is in a single store environment or a marketplace environment. Even offline merchants need payment solutions to effectively manage their orders, especially in the context of international payments. The modern day customer expects no short of magic while paying for a product online, irrespective of the environment. Thankfully, the technology has evolved drastically in recent times to create nothing sort of magic for customers, irrespective of their expectations.

The payments landscape has broadened as the world has shrunk and the need for multiple currencies, alternative payments, split payments, recurring payments rolled into one solution has become an imperative for merchants of all sizes. Apart from the different features in a payment solution, what is required is the ability of the solution to integrate in various ways and provide a wide range of integration capabilities for multiple shopping carts, in the context of e-commerce.  Apart from features of a payment solution, an ideal solution should have a secured technology backend.

In the light of the growing e-commerce landscape, PayTabs has the technology to add business value for any merchant. Key elements of the technology are as follows:

  • 160+ Currencies accepted on the platform.
  • Whether it’s multiple channels, schemes, acquiring banks, multiple shopping cart platforms, security infrastructure and systems, risk management and merchant services, we have you covered in all aspects in the context of building, operating and growing your e-commerce business.
  • Dual layers of fraud management infrastructure, dedicated fraud and account management.
  • 130+ alternative payments options designed to intelligent recommend you options that support your overall business goals.

To fully experience the power of the PayTabs solution, sign up for a free demo or contact us for more information. Feel free to provide insights or comments below.

9 years ago
PayTabs: Adding Value to Your Business
Mohab Growth Hacks 0

PayTabs: Adding Value to Your Business

In one of our earlier post, we touched upon the factors that set PayTabs apart as a payment solutions company. We looked at the existing gaps in the payments processing industry and how does PayTabs bridge the gap.

Today, we are looking specifically at some of the business problems that PayTabs can solve for your business, as a comprehensive payments solution company:

  1. Global Business: Your business attracts customers from across the world and it is imperative for you to have a payments solution that processes multiple currencies and offers a seamless experience with your customers. Well, PayTabs has you covered as we can process 160+ currencies on our platform.
  2. Grow your business: Whether it’s multiple channels, schemes, acquiring banks, multiple shopping cart platforms, security infrastructure and systems, risk management and merchant services, we have you covered in all aspects in the context of building, operating and growing your e-commerce business.
  3. Data Security: In a world that is constantly threatened by cyber-crime, it is imperative for you to ensure that you customer’s data is protected. We have the highest level of PCI-DSS compliance apart from having dual layers of fraud management infrastructure in place.
  4. Technology Worries: When you are setting up your e-commerce business, you are determined to get the technology right, with respect to every aspect of your business. We understand technology and the need for agile delivery, hence we have the ability to quickly integrate our solution to your backend, irrespective of the type of backend you have.
  5. Build Competitiveness: We understand that the e-commerce industry is highly competitive across the world; we can help you grow your business & help you become competitive and profitable at the same time. We believe in complete transparency and hence we do not have any hidden charges.

To experience the power and the flexibility of our solution, you can sign up for a free demo or contact us. Moreover, if you wish, you can subscribe to our blog alerts to keep abreast with the latest from the world of payments and e-commerce.

9 years ago
Currencies Form the Core of Payments
Mohab Growth Hacks 0

Currencies Form the Core of Payments

It’s a no-brainer! Everybody out there knows that to buy or sell any product or service through any medium, one would need a transacting currency. The status quo on most transactions, whether online or offline, is the fact that you would need to pay in the currency of the country where you are buying the product from, even if it is online.

But, with the advent of global e-commerce, the status quo on currencies while transacting becomes a deterrent. It is largely due to the willingness of most payments solution providers not to deal with the cumbersome regulations in place in most countries which provide a hindrance for multi-currency payments being made online.

It is not as much as a regulation problem, as it is a regulatory acceptance problem. Most regulators, as in central banks haven’t yet figured out a way to regulate payments in foreign currencies made in multiple currencies through the digital medium. Barring the most accepted currency, i.e. the US Dollar, which is largely used as a de-facto foreign exchange currency across the world, regulators are mostly wary about international payments made in other currencies, especially online.

Having said that, most developed countries and a few forward looking emerging economies have updated their regulations to allow for payments in multiple currencies. However, contrary to popular belief, there aren’t many providers in the market, who possess a seamless global payments processor.

PayTabs has always been ahead of the curve in terms of innovation and one of our key differentiating factor is the fact that we accept 160+ currencies on our platform.

To learn more about our payments platform, click here. Moreover, if you are interested, you can sign up for a free demo as well.

We encourage you to comment on this post, by providing your insights and viewpoints.

9 years ago
The State of Global Payments: Part 2
Mohab Growth Hacks 0

The State of Global Payments: Part 2

In one of our earlier posts, we touched upon the upsurge in non-cash transactions across the world and how developing countries are driving the growth of online/digital payments. We looked at some hard numbers from Capgemini’s World Payments Report which justified the growth in non-cash transactions across the world.

In this piece, we will look at key trends that are key to driving global payments in 2017 and the future:

  1. Technology vis-à-vis International E-Commerce: It is indeed true that international transactions have increased in recent times but the subsequent pace of developing fast, secure, transparent and efficient solutions have not quite been there. Currently, there’s a need for more payments solution to cater to the growth in international e-commerce.

 

  1. Need for Agility and Pace: Whilst the growth in FinTech investments over the years, there is currently a tremendous hunger in the marketplace, for companies to deliver more instant gratification moments in terms of payments and flexibilities in payments solutions. Which means different types of payments solutions accepting multiple currencies.

 

  1. Enterprise Payments: As per the World Bank’s Cost of Sending Remittances report, checks are still prevalent in most organizations across the world, especially smaller organizations. As of 2015, 90% of small organizations across the world, used checks for making payments, primarily to freelancers and commission based sales force. Large banks and credit card technology companies still dominate the international payments space, which is plagued by complexities and very high fees. There’s a huge scope for new age payments solutions providers to solve some pressing international payments issue in the B2B space.

 

  1. The case of the Unbanked: According to a Citibank report in March 2016, there are still 2.8 billion unbanked and underbanked people in the world, especially in developing countries, where FinTech solutions have outpaced the penetration of legacy banking. The key to the growth of FinTech and Payments solutions has been because of the huge growth in mobile payments, aided by the tremendous penetration of mobile in developing countries.

 

  1. Banks and Technology need to be friends: Banks need to accept and recognize the fact that digital payments can do much more than automation. Digital and online payments solution providers shouldn’t view banks as their adversaries, rather recognize the value that they are adding to the global financial system, thereby cultivating opportunities for greater innovation and efficiency through collaboration.

 

  1. Transparency: There’s been a paradigm shift in the needs of the global payments market, in the context of more transparent pricing, flexibility in integrations and innovative customer service. It is an imperative for global payments solution providers to track all transactions in the entire payment process/cycle to ensure transparency.

 

Therefore, as you can probably gauge that despite growth in FinTech and digital payments, there remains a lot of opportunities/gaps in the marketplace that needs to be fulfilled/filled.

We would love to hear your viewpoints in the comments below and click here to experience a new economy payments solution that truly manages to fill existing gaps and adds tremendous value for your business.

Click here to read State of Global Payments: Part 1

9 years ago
PayTabs
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