Even though there is a lot of economic uncertainty, many market observers anticipate that the cross-border eCommerce industry will continue to grow.
It’s a prediction supported by the conviction that this expansion will be made possible, at least in part, by the assistance of payment platforms that lessen the pain points that tiny online sellers often experience when they negotiate the difficulties of doing business in new regions.
In fact, according to Payoneer Senior Vice President for the Americas Ya Wen, it has already begun to take place. As the COVID restrictions and global supply chain issues of 2021 and 2022 fade away, consumers’ current financial concerns are forcing online retailers to not only adopt new strategies but also to find new partners in order to compete with them.
All of this enables FinTechs to shine in 2023, according to him, since their innovative disruption in particular industries is well-timed for the ongoing unpredictability. He claimed that banks will suffer because FinTechs are outwitting them in areas like real-time and international 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.”