Despite the high level of economic uncertainty, many industry watchers believe that the cross-border eCommerce sector will continue to expand.
It’s a prediction that is supported by the assumption that this expansion will be enabled, at least in part, by payment solutions that help ease the pain points that small online merchants frequently suffer when navigating the challenges of doing business in new countries.
Payoneer Senior Vice President for the Americas Ya Wen claims that it has already started to happen. Consumers’ current financial worries are requiring online merchants to not only adapt new tactics but also to find new partners in order to compete with them as the COVID limits and global supply chain challenges of 2021 and 2022 fade away.
According to him, all of this makes FinTechs stand out in 2023 since their inventive disruption of specific industries is well-timed for the continuous unpredictability. He asserted that banks will suffer as a result of FinTechs’ superior strategy in areas like real-time and global payments.
Many SMBs or eCommerce enterprises will have a high demand for fast payments and real-time payments, according to Wen. To have the liquidity and cash flow necessary to invest in their internet business, “they want to get paid as quickly as feasible.”
