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PPRO, the leading global provider of digital payments infrastructure, today released the 2021 edition of its Payment Almanac.
As the global e-commerce landscape grows to be worth an expected $US 6.9 trillion by 2025, consumers expect to make purchases with their preferred payment method. Yet many firms still lack the knowledge, licensing, and technology to conduct local transactions. To help overcome this challenge, PPRO’s 2021 Payment Almanac provides comprehensive research on local payment methods, consumer behaviour, e-commerce data, trends and projected market growth for 150+ countries around the world.
For payment service providers and other businesses with payment platforms, the ability to enable alternative and local payments is complex – requiring knowledge about local payments cultures, regulations and local payment methods specific to each market. Considering 77% of global online purchases are not made with an international credit card, but with a local payment method, the Almanac provides the e-commerce industry with a resource to better understand the payments landscape, learn about the future trends, and meet the needs of their target markets.
Throughout the pandemic, many merchants, especially those based in the US, expanded their e-commerce presence worldwide. For companies looking to sell into a new market, the Payment Almanac will help refine their cross-border strategy by providing an analysis of market trends and payment methods in every region.
Some of the key findings per region from the Almanac include:
Asia Pacific (APAC):
Latin America (LATAM):
“The reality of today’s e-commerce landscape is that brands are no longer siloed to one country or region, but instead conducting business across multiple borders,” said Claire Gates, Chief Commercial Officer. “This boom in cross-border e-commerce and the proliferation of niche local payment methods has intensified the challenge for companies who seek to make transactions simple and secure. The 2021 Payment Almanac not only provides a resource to better recognize consumer trends in each country, but showcases how the complexity of payments is increasing. Brands need to understand these regional differences if they want to capture new customers.”
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