Elavon, PPRO Group Get Together to Drive Cross-Border Mobile Payments
For a world that seems to be getting smaller with every passing day, it’s still surprisingly difficult to get money from one country to another. Sure, sometimes that’s a good thing, but for people who want to buy things in other countries, it’s a hassle. It’s also a hassle that Elavon and the PPRO Group may be able to beat with its new partnership effort.
The new effort in question brings a slate of international alternative payment methods (APMs) to Elavon’s customer base throughout Europe. Users will effectively, reports note, be able to use a preferred local payment method—including bank transfer, direct debit, and e-wallet systems—when shopping internationally, as part of a basket of over 50 different methods available. Such a depth of options will allow users access to the best conversion rates in every transaction, saving money over many common alternatives.
The PPRO Group’s chief sales officer Ronnie d’Arienzo noted “Merchants must be aware of the local payment preferences in different countries to meet their customers’ needs and reap the rewards of cross border sales. There is life beyond credit cards. Customers want to use their preferred payment methods, otherwise they will simply shop elsewhere. We are really pleased to be in partnership with Elavon to help its customers provide local and international payment methods to their cross-border customers and ultimately become global retailers.”
With cross-border ecommerce revenues poised to go from about $80 billion in 2014 to between $250 and $350 billion by 2025, it’s clear that getting a stake in this market is vital to improving profit and loss pictures. The problem is that PPRO and Elavon may be too late to the table. Cross-border commerce is indeed a growing concern, but the growth of cryptocurrencies may have that function locked down. After all, that may be one of the greatest features of cryptocurrency; send a certain percentage of a bitcoin, translate that into local currency, job done. If you’re so inclined, replace “bitcoin” with any of the hundreds of other options around.
Still, with cryptocurrency still struggling, PPRO and Elavon may have a first-mover advantage here, and that could be enough to build inertia. Given cryptocurrency’s investment potential, though, it may not be enough after all.