That’s right! This simple expansion to your payments strategy could see your growth supercharged–here’s why.
Recent years have seen a rapid uptake of Local Payment Methods, particularly in the wake of the COVID-19 pandemic, because they offer customers an easy way to pay for goods and services without needing physical cash or credit cards. Local Payment Methods offer a safe and secure way to pay and allow for businesses to expand globally and offer local payment methods for their customers in different regions.
So, what’s the real skinny on Local Payment Methods?
Conversion Boosting Checkout Local Payment Methods can provide a frictionless checkout experience for consumers, which can lead to increased sales.
Reach Global Markets With local and alternative methods, you can enable cross-border payments and increase your market share to regions that have remained untapped by your business offerings.
Lower Processing Fees Local Payment Methods can help merchants lower costs associated with processing fees, which can lead to a bigger profit margin.
Safe and Secure 47% of consumers globally said that security is the main reason they use Local Payment Methods. Local Payment Methods have a fraud rate of less than 1%.*
What’s in store for Local Payment Methods in 2023?
Based on current trends and forecasts, it is expected that Local Payment Methods will continue to grow and become more popular in 2023 and beyond. We expect to see:
Increased adoption by consumers More Local Payment Methods enter the market Further integration with other services like loyalty programs and accounting tools for a seamless payment and management experience.
At payabl., we're always staying ahead of the game by keeping up with market trends and innovations. From eWallets to bank transfers, we offer a range of Local Payment Methods that cater to your specific needs. And with our easy-to-use platform, setting up Local Payment Methods has never been easier.
Running a business can be challenging, but with payabl. by your side, it doesn't have to be. Our team of experts is here to help you every step of the way, so you can focus on what matters most.
Up for a new stream of revenue to your business? Contact us!
Read more:
Reserve Bank of Australia – Consumer Payment Behaviour in Australia: Evidence from the 2019 Consumer Payments Survey: https://www.rba.gov.au/publications/rdp/2020/2020-06/full.html
Dealroom – Alternative payments are eating up card supremacy: https://dealroom.co/blog/the-rise-of-alternative-payments-is-eating-card-supremacy