Ranging from news articles to recent CEO interviews.
eCommerce is a swiftly growing trend, with Forrester Research estimating online sales to reach $414 billion in 2018, a compound annual growth rate of 9.5%. While new online commerce markets are opening up, they bring new challenges with them. Cleveland Brown, CEO of Payscout, will share best practices for approaching these new markets at the Card Not Present Expo.
(Los Angeles, CA) May 14, 2015—Leading the charge in global merchant processing and specializing in multi-currency and managed risk processing, Payscout representatives have been called on repeatedly to provide expert news testimony regarding online commerce and emerging foreign markets. Payscout CEO, Cleveland Brown, has now been asked to speak publicly on behalf of the payments industry during the Card Not Present Expo in Orlando on May 21 at 9:00 am.
Brown will be speaking as part of a panel presentation entitled “Go East, Young Man”, which will address fraud and payments related dynamics e-merchants should consider when entering global online markets. The session will focus on two regions showing the most economic opportunity: China and India. Moderated by Joe Emig of Payvision, the panel will feature Brown, LaTrisha Cantella of GoDaddy, Raymond Qu of Geoswift and Bharathi Ramavarjula of Facebook.
Payscout is a Principal TPSP member of China Union Pay (CUP) and Union Pay International, specifically focused on improved conversions and acquisition of consumers in mainland China. Founded in 2002, China Union Pay is the only interbank network in China (excluding Hong Kong and Macau). Because of his familiarity with the Chinese market, Brown will discuss:
The usage of China Union Pay is swiftly growing. The total value of transactions via CUP cards reached 41 trillion yuan ($6.7 trillion U.S.) at the end of 2014, and CUP’s services covered 150 countries and regions outside of China. More than 26 million businesses and 1.8 million ATMS accept CUP worldwide, meaning it ranks third in terms of credit and debit card transactions, right after Visa and MasterCard.
Improving technologies, as well as a sharp rise in mobile phone and tablet shopping, is adding to the massive growth of eCommerce. Reportedly, 69% of Chinese consumers have purchased a product or service through their smartphone (compared to 46% of US consumers). In the span of just one year, mobile payments in China saw a 707% year-over-year increase, leaping from $24 million in 2012 to $197 million in 2013.
The growth in mobile transactions paves the way for new markets to open up, such as the booming BRIC nations (Brazil, Russia, India and China). However, new risks and challenges are created as the world becomes more accessible. Each country that composes the BRIC nations has unique requirements for eCommerce transactions, making it difficult for some American small-to-medium-sized businesses (SMBs) to navigate through and reach potential customers in these countries. Payscout is able to understand the nuances in an increasingly global landscape and help SMBs access a broader client base.
Brown predicts the world will see an increase in partnership contracts between Chinese companies and third-party domestic service providers, such as shipping and logistic companies. He also expects the U.S. will see an influx of Chinese owned, domestic-based subsidiaries, to support Chinese counterparts as distribution partners to make the circulation of Chinese funds more streamlined.
“China will set the example for other closed-economy countries to follow, which will only continue to strengthen the global online ecosystem, as well as the U.S. presence in the global economy,” says Brown. “In one direction, we’ll have U.S. merchants bringing in Chinese dollars for the online purchase of goods and services. In addition, we’ll have global businesses setting up in the U.S. to foster business in these countries. Both represent a sure stream of employment opportunities, tax revenue, and other economic benefits.”
The Card Not Present Expo was created to address the challenges that have sprung up around card-not-present payments, and provides a meeting place for merchants, banks, processors, anti-fraud software providers and others to learn how to leverage card-not-present payments in an increasingly multi-channel retail sales environment. The Card Not Present Expo will be held May 18 - 21 at the Caribe Royale Orlando (8101 World Center Drive, Orlando, FL). More information is available at https://cardnotpresent.com/cnpexpo/