Online payment service provider PayU believes its new solution will help solve cross-border challenges facing merchants wishing to enter high growth markets.
Via a single integration, PayU Hub allows merchants to access 2.3 billion potential new customers in Asia, Central and Eastern Europe, the Middle East, India, Africa and the Americas. An “API first” design and globally distributed architecture provides reliable and scalable access to PayU regional and local payment processors.
“The cross-border market is expected to grow from $401 billion in 2016 to $994 billion in 2020,” PayU CCO Matthias Setzer said. “Nearly two-thirds of cross-border business will come from high growth markets like Asia and Latin America. These figures demonstrate the business opportunities available to ambitious merchants from around the globe.
“However, despite the attractiveness of these growing markets, merchants are being held back by cumbersome cross-border payment infrastructure and processes. PayU Hub’s combination of our own unique local knowledge and new technology will help tackle these current barriers and ensure that our customers have access to the best financial services.”
PayU Hub believes direct local connections to acquirers and use of alternative payment methods will produce increased card approval rates and customer usage.
Next up for PayU Hub is pilot test completion, which should occur over the next few months.