How will your next 7 million shoppers like to pay? Adyen shows how to meet local requirements worldwide. A vital part of global commerce is offering the payment options that your customers want to use. What is needed varies enormously as Adyen show in their white paper on global commerce where they take a look at a typical day:

“It is 8.00 am in Guadalajara and Anna is shopping online. She orders a pair of trainers from Decathlon and prints off a voucher, which she will pay at her local OXXO convenience store. Meanwhile in Rio it is 10.00 am and João has just ordered an iPhone from Magazineluiza.com; he will pay for this in installments over the next five months. In Jakarta it is already 20.00 and Aditya is listening to music, keeping his Spotify subscription up to date via bank transfer. And finally, it is 21.00 in Shanghai and Li Na is working late. To keep herself organized she upgrades to Evernote Premium from her smart phone, paying with Alipay.”

Adyen, a leading provider of omnichannel payment solutions, believe that global businesses need to understand the importance of catering to customers’ needs, fitting seamlessly around their daily lives, habits and cultures - no matter where they are in the world. But it is easier said than done,

Catering for local customer needs

The range and coverage of the omnichannel payment providers is growing with each supplier adding payment systems and currencies, e.g. Adyen now have 250+ payment methods using 150+ currencies. But having many payment systems in many currencies is not enough, the overall solution needs to meet the customer’s local preferences, e.g.:

• in Brazil, customers prefer to pay by instalments or via the local printable voucher - Boleto Bancário
• in Mexico, 40% of online purchases are made by cash at a convience store
• in Indonesia, Spotify enable customers to pay via bank transfer.

Each country is different and needs to be understood so that the global commerce provider can be sure they are catering for local preferences. Omnichannel payment providers are starting to provide country guides to explain what is required, see.

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CTMfile take: Omnichannel payments is where fintech companies, such as Adyen and Align Commerce, are critical in laying down smooth payment rails all over the world.