Prepaid card AstroPay allows customers who don’t have a bank account to shop and pay online. They simply top the card up with money, which they can do using a variety of methods, including paying by cash, bank transfer or direct debit. At the checkout, they simply choose AstroPay as their payment methods, enter their card’s unique 16-digit code and pay.
Although conditions vary greatly across the area covered by AstroPay, one thing all the markets have in common is high numbers of unbanked consumers. In Indonesia, for instance, more than half of adults do not have a bank account (PPRO Almanac). In Mexico, that figure is 63%, in Turkey 31%.
By supporting payment methods that allow unbanked consumers, or even banked consumers who don’t have a credit card, to shop online, merchants greatly increase their reach and eliminate a significant barrier to conversion.
The benefits of supporting cash-payment methods
- In Asia-Pacific alone, consumers pay for approximately US$68 billion worth of online purchases with cash (PPRO Almanac).
- Worldwide, 1.7 billion people don’t have a bank account (Yahoo Finance). Alternative payment methods allow them to shop online.
- In some markets, a cultural preference for privacy makes consumers wary of transmitting personal and financial details online.
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