April 5, 2018
As U.S. e-commerce merchants continue to look outside their borders for international markets in which to sell their goods and services, one of the things they must take into account is the way consumers in certain geographies prefer to pay for them. While U.S. consumers have long preferred to pay online using credit cards, the matter is not so clear in other countries—even established markets like Germany. Merchants that ignore local custom when they try to sell across borders usually find the environment challenging.
A new report, however, indicates that consumers in other regions are increasingly comfortable with credit cards, as more and more merchants of all kinds are accepting them. London-based consultancy RBR found that the number of card-accepting merchants globally rose by seven million in 2016 to 61 million total. Asia-Pacific, central and eastern Europe and the Middle East and Africa showed the most growth. RBR predicts that, by 2022, 85 million total outlets globally will be accepting payment cards.
The report did not separate online outlets from physical outlets, but as general consumer comfort using cards in a region grows, online use should grow as well. Currently, however, localization remains one of the most important aspects of selling cross-border. At the upcoming CNP Expo in Orlando, several sessions will be devoted to cross-border e-commerce, including a panel discussion titled Basics of Cross-Border Payments: What Every Company Planning to Accept Payments Internationally Needs to Know. That’s one of nearly 40 merchant-led presentations and panels at the CNP Expo, May 14-17 offering in-depth education and networking in the card-not-present fraud and payments space.