Globalization is taking the high road in 2020, with companies expanding beyond their borders. Along with the limitless possibilities, financial and financial technology industries have never been more robust. There are new technologies and over 200 different digital electronic payment types that are currently available.
If you’re looking for global payment processing options like PT Unified Indonesia, you should check the trends and adapt to the best and most profitable choice. Different business models can benefit from the multiple selections available.
Expected Global Payment Trends
Merchants and entrepreneurs make use of a two-way transaction, which means that the customer has to send you money after your request. Wire transfers, coupons, cheques, and cash are appropriate payment methods for such transactions.
Currently, the majority of options available are push-payment methods for one-time payments. There are also options for subscriptions known as pull-payment methods that allow merchants to withdraw the amount themselves.
Whichever push or pull option you choose, companies like PT Unified Indonesia can accommodate your needs.
Here are some of the anticipated global transaction trends for 2021:
1. Bank Transfers or Debit
Bank Transfer is a popular pull-payment option that allows recurring payments. The customer provides bank account information, and the company can safely and securely pull money directly from their account. It’s a globally-compatible method with lower fees.
One of the most significant considerations with bank transfer transactions is the processing of payment per country. Different financial authorities clearly and oversee the debit payments, so it’s essential to specify which countries are supported and processed.
Bank transfers will still be popular in 2021 as more banks will compete to globalize their reach and offer better services. However, these might lose ground to the convenience and fast process time of e-wallets.
2. Credit Cards
Credit card is a pull payment method most widely-used and popular among ecommerce sites. It’s still excellent for subscription and recurring payments; however, it’s prone to fraudulent activities and charge-backs. Customers prefer credit cards because they can control their spending, and they only need to pay for what they purchase.
In 2021, credit cards are still part of the most used option. As more companies adapt to subscription-based services, more businesses will experience the convenience of credit cards.
3. Electronic Wallets
Electronic wallet or e-wallet operates like digital cash storage. Users can transfer money from their banks to the wallet, and the e-wallet company takes care of the transaction specifics. Paypal, Apple Pay, Amazon Payments, and Google Wallet are some of the most popularly-used global wallets.
In 2021, more e-wallets are expected to emerge due to financial technology, cryptocurrencies, and other factors. As blockchain expands and develops to assets and securities, more people will lean toward wallets’ convenience.
2021 is opening more doors for global payment processing. Companies like PT Unified Indonesia continuously upgrade their services to accommodate more demanding times. Aside from upgrades, there are changes and amendments to existing financial laws. As payment methods come and go, it’s crucial to rely on both long-term and short-term gains.