Retailers are now Able to Effectively Conduct Online and Mobile Business Throughout Most of the World via Computop Paygate and PayU’s solution
Computop, a leading payment service provider (PSP), and PayU, a leading payment service provider in emerging markets, today announced a partnership that provides retailers with payment solutions for high growth markets around the world. 90 percent of the global population under 30 years of age is living in emerging markets. With e-commerce in developing economies growing twice as fast as in most developed markets, this partnership helps retailers to capitalize on these growth opportunities and expand their online and mobile business into multiple regions, including India, Latin America, Central and Eastern Europe, Russia and Africa.
PayU is a leading online payment service provider with a presence in 16 markets across the world. The company offers more than 250 payment options relevant to these markets and their collective consumer base of more than 2.3 billion people, including credit cards, bank transfers, cash payments and e-wallets. Computop’s Paygate is a PCI certified payment platform that provides multichannel retailers, banks and other industries with secure payment solutions and efficient fraud prevention for international markets. With this partnership, PayU’s solution will be integrated into Computop Paygate, enabling Paygate customers to extend their reach into new countries.
Noteworthy statistics regarding some of these high growth markets include:
- India is expected to have 500 million Internet users by end of 2016, with more people coming online in India in the next 15 years than in any other country. E-commerce in India is expected to grow to $100 billion USD by 2020.
- Latin America is expecting far greater GDP growth compared to Europe over the next five years.
- One in four Internet users in Poland already shops online and plans to increase the amount of money they spend online making Poland and Czech Republic among the top five most important markets for e-commerce in Europe (alongside the UK, France and Germany).
- Central and Eastern Europe as a whole is seeing steady GDP growth at nearly double the rate of its neighboring countries to the west.
- Russia provides access to 31 million e-consumers with strong potential for further growth.
- 83% of consumers in Africa plan to conduct mobile commerce in the next 12 months, and the continent is expecting far greater GDP growth compared to established markets. Nigeria is growing at 2.8% compared to Europe’s 1.6%.
Particularly beneficial to retailers is the fact that they only need to connect to Computop Paygate once to be able to have access to the markets PayU offers. It does not require separate integrations to conduct business online in these markets.
“In order to efficiently and cost-effectively capitalize on the myriad of opportunities in emerging markets, retailers require the ability to successfully process payments online and offer payment solutions that match consumer behaviors in each of these markets,” said Mark van der Sluis, Director Partnerships, PayU. “We enable more than 160,000 companies around the world to do just that. We are excited that through our partnership with Computop, Paygate customers are now able to offer all of the payment options that consumers in these rapidly growing regions desire, while benefitting from the local support and deep knowledge we offer along with the security and fraud prevention they trust from Paygate.”
“To be successful globally, the payment solutions that retailers offer need to address the specific needs of local consumers in their target markets,” said Andre Malinowski, Head of International Business at Computop. “We have a long, established track record of helping retailers successfully grow their businesses in Europe, North America and China. Through our partnership with PayU, we are able to offer our customers the opportunity to expand further into new, emerging markets by offering the payment options that consumers in these markets prefer and trust. Computop Paygate now provides retailers access to over 250 secure payment methods and acquirers worldwide, in addition to top-notch fraud prevention functionality, to safely conduct business on a truly global scale.”