Trustly has revealed the exponential growth of alternative payment methods, reporting that transactions using its technology grew by more than 350% over the last three years.
The report emphasised that 50% of consumers will abandon a transaction if their preferred payment method is not available. The market is well suited for a platform that recognises the importance of alternative and local payment methods to merchants’ revenues and profitability.
Furthermore, localisation also plays a role in the expansion of Macropay, with economies often featuring payment schemes which are as popular or more so than Visa or Mastercard. Macropay currently offers payment schemes such as Portugal’s Multibanco, Brazil’s Boleto Bancario or Belgium’s Bancontact.
The firm currently integrates payment methods from Europe, South America and Australia whilst also having plans to expand its coverage to include local payment schemes from all over the world.
Adam Clarke, Founder and CEO of Macropay commented: “The new platform we’re launching today is consistent with our overall approach. We offer our customers one contract, one dashboard and an efficient, streamlined onboarding process.
“With the launch of this proprietary platform, developed in-house by our world-class programming team, we can now offer merchants the flexibility to process payments via some of the world’s fastest-growing payments methods, with traditional debit and credit card transactions to come soon.
“The first thirteen methods we’ve integrated are among the most popular on a market-to-market basis, and include rising international payment methods such as Trustly and Sofort.”
Macropay’s new platform allows for payments in local currencies to be settled to a currency of the merchant’s choice.
IBAN bank transfers are integrated from within a single dashboard, and fraud prevention tools such as automated ID verification, as well as biometric factors like face verification, are included in the system.
Expert Analysis: The rise of alternative and more convenient payment methods is inevitable as the sector continues to evolve and technology accelerates the efficiency and seamlessness in which payments are conducted.