Growing consumer interest in digital payment options in stores and online retailers was on the rise even before the pandemic spurred acceptance. Recent research predict that global digital payment services, particularly cashless payments, will grow by more than 80% from 2020 to 2025 and almost triple by 2030. All indications shNow that by 2030 the number of cashless payments per capita will be roughly double to triple the current level in all regions.
In the October / November issue of Cross-border retail payments tracker®, PYMNTS explores how the emergence of digital payment services is changing the payments landscape, helping e-commerce retailers deliver a more seamless and secure customer experience.
Around the cross-border retail payments space
HSBC has announced its support for central bank digital currencies (CBDC) but has expressed concerns about regulatory and security risks. The international financial institution (FI) asserted, in a recent overview of the company item, which central banks should monitor whether CBDCs, which are being considered in many countries, may have a negative impact on financial stability. For CBDCs to work, interoperability is essential, as is data privacy and security against cyber attacks.
India and Singapore have joined several other Asia-Pacific countries in their efforts to facilitate real-time cross-border payments. The Monetary Authority of Singapore and the Reserve Bank of India OK to link their digital payment services to enable instant fund transfers between India’s Unified Payment Interface (UPI) and Singapore’s PayNow real-time payment system. This offer should be deployed by July 2022.
Despite the pandemic-induced increase in global e-commerce, UK consumers purchased less cross-border goods over the past year, a drop attributed to EU customs and border issues. Research has found that UK consumers are concerned about high delivery costs (62%), potential customs charges (49%) and poor return policies (47%), all of which increased in 2021.
To learn more about these and other cross-border retail payments developments, read Tracker’s News & Trends section.
Etsy on Streamlining Global Payments to Boost Customer Engagement
New payment options around the world have helped streamline online payments while providing consumers with personalized and secure payment experiences. In this month’s report, Morgan blake, Vice President of Payments at Etsy, explains how support for a variety of digital payment services ensures a seamless and secure global e-commerce experience for buyers and sellers.
Deepening: How new digital payment options impact the cross-border customer experience
New digital payment services are changing consumer expectations for faster and more transparent transactions, and e-commerce retailers are in a hurry to support these emerging payment alternatives to stay competitive in a large but crowded market. This month’s Deep Dive explores the challenges of the e-commerce market and the benefits of adopting digital payment services to help minimize cross-border payment frictions and boost customer engagement as a result.
About the tracker
The Cross-border retail payments tracker®, produced in collaboration with Lemon, examines the latest developments in cross-border retail payments.