The Importance of Locally-Preferred Payment Options
E-commerce companies win big when they support global customers' preferred payment platforms at checkout, writes a MotionPoint exec.
Charles Whiteman, MotionPoint’s SVP of Client Services, recently shared a list of emerging global payment trends with readers of Total Retail.
When e-commerce companies support locally-preferred payment methods, they generate much higher traffic, conversion and revenue metrics, Whiteman said.
For instance, "e-wallet platforms represent an ever-growing sector in this space," he wrote. "In fact, Worldpay believes purchases made via e-wallet platforms will overtake credit cards in three years. Research suggests global consumers believe these PayPal-like platforms are more secure and convenient than credit cards."
By combining MotionPoint's proprietary data (gleaned by operating more than 1,200 translated global websites) with third-party information, Whiteman shared locally-preferred payment options for several key global markets, including France. Germany, Russia and South Korea.
Read the full story at Total Retail.