just now
(First published February 2023)
The digital payments industry is booming, with global digital payments volumes expected to increase at an annual growth rate (CAGR 2023-2027) of 11.79% according to Statista. This growth is being driven in part by the proliferation of local payment methods, which are allowing users to make payments in their own currency, securely and quickly.
However, local payment methods present unique challenges for global payment companies. Integrating with each payment method can be expensive and time-consuming, leading to fragmentation in the industry. The result is a gap in the market that prevents businesses from taking advantage of the increased demand for digital payments.
Thankfully, innovative payment platforms such as Sika Box US INC have started to bridge this gap. By providing a single platform for businesses to integrate with local payment methods, they are driving down the costs and complexity associated with digital payments. The result is that businesses in different countries can take advantage of local payment methods without the need to set up individual accounts or payment networks.
This approach has made it easier to access global markets, allowing businesses to make payments more quickly and securely.
Recent research has revealed that local payment methods are becoming the preferred choice for online payments, with nearly half of global ecommerce transactions (47%) now being conducted with these methods. This has provided a major shift in the way the world pays, offering greater convenience and flexibility for both buyers and sellers.
Ultimately, local payment methods are helping to fuel the growth of digital payments on a global scale. By providing businesses with a single platform for local payments, even the most fragmented markets can now access the global digital payments industry. By reducing the cost and complexity associated with digital payments, local payment methods are helping to drive down barriers and open up new markets.
