Despite focusing our dedicated efforts in the far east for many years, we’ve had our eyes on other regions for some time. As 2021 came around, we decided it was time to branch out and enter some new markets. Having spotted some highly lucrative opportunities within the FinTech industry in Brazil, India, and South Africa, we’re thrilled to be offering companies in these regions our range of payment services, all under our specialized ‘One Application, One Integration’ approach.
The Covid-19 pandemic changed the reality on the ground for many companies worldwide, as more and more customers found themselves stuck at home and shopping online. Credit and debit card payments are a normal part of daily life in the west, while in more remote regions, many don’t have the luxury of credit cards or bank accounts. As such, new markets located in more remote countries such as Brazil, India, and South Africa require alternative payment solutions such as eWallets and instant bank transfers, now available through Zotapay (Zota).
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Eyes on Brazil
A recent survey carried out by Beyond Borders found that around 62% of Brazilians use a smartphone to buy products and services online. With the Central Bank of Brazil’s recent introduction of Pix Instant Payments, Brazilians can now carry out fund transfers in real-time, 24/7. Since the introduction of Pix, consumers in Brazil have enjoyed online payments like never before, especially due to the easy and convenient way in which Pix works. Pix users can utilize their personal eWallet to immediately transfer funds to a business or friend, making shopping online a breeze. Zotapay’s (Zota’s) payment pateway, the MetaGate, is accessible to Brazilians who use QR code technology and those who don’t hold their own bank account. Pix also boasts low fees, which is another bonus for shoppers, especially those used to making multiple purchases.
Prior to the launch of Pix, the majority of shoppers in Brazil used facilities provided by Boleto Bancario, such as instant bank wires. However, Pix has already made a fantastic first impression on Brazil as a whole. Just a few months ago, in December 2020, at least 100 million Pix keys were registered by the Central Bank in the country. Furthermore, a recent survey found that 91% of Brazilians have heard of Pix and know it to be reliable and secure. This fact bodes very well for the future as would-be shoppers, who previously didn’t hold a bank account, can now access eCommerce services and products. Another advantage is that with Pix, payment confirmation is instant, ensuring that items are sent to the customer without delays.
Digital wallets have been part and parcel of the online payment environment in India for some time. As this payment methods gains popularity in India, companies like Zotapay (Zota) are at the forefront of the FinTech landscape, offering the right expertise and accurate advice to businesses in developing regions like this who wish to branch out into a global market. Due to India’s massive population and the country’s demographics, fantastic opportunities exist for those in the know, and more importantly, for those using the right payment gateway technology and facilities. Localization factors also come into play, whereby businesses need to know how best to extend their market reach to meet the most comprehensive customer base possible.
Back in 2016, India wiped out around 86% of its cash by introducing new legislation related to financial regulations in the country. These amendments, presented by the government of India, put a cap on the amount permitted for cash-based payments. As a result, the number of eWallets in India increased massively, with around 3 million new users during 2020, according to a survey carried out by MobiKwik. Suddenly, small street vendors found themselves needing to accept payments by eWallets and not cash. The good news for online shoppers is that India’s Unified Payment Interface (UPI) is supported via Zotapay’s (Zota’s) gold-standard cashier technology. Online shoppers can now benefit from a range of services to ensure simple transfers between accounts and other services and facilities.
Focus on South Africa
South Africa has seen what can only be described as a renaissance as far as the nation’s relationship with online shopping is concerned. In recent years, South Africa has seen a marked drop in the use of cash and cheques as other digital payment options enter the scene. According to the Payments Association of South Africa (Pasa), cheque usage has dropped by around 30%, year after year over the past decade. As such, people want to move away from cash and towards digital payments, with security and peace of mind as a main priority. Cheques have traditionally been a significant source of fraud, while the pandemic only shone a brighter light on existing issues. This paved the way for a sharp increase in the use of Electronic Funds Transfers (EFTs), one of the most popular digital payment methods in South Africa.
Online sales have ballooned in the past year, with a massive and notable increase in new eWallets being opened. Shopping online for clothes increased by 103%, while Electronic Funds Transfers (EFTs) are rising to popularity year on year. One of the services offered by Zotapay (Zota) is the completely safe and secure ‘Pay with Bank’ Instant bank transfer facility. This enables customers to make payments for goods and services directly from their mobile devices, in-store or online. The list of benefits when it comes to EFTs is endless, including the rapid clearing of funds without the previous need to wait for up to 48 hours, no delays at checkout, and one small, simple, all-in-one transaction fee.
Why payment providers and global companies choose Zotapay (Zota)
- Rapid and secure onboarding for new companies
- Matching merchants with the right local payment solutions
- Delivering significant results due to years of online payment expertise
- Intricate knowledge of local markets around the world
- A wide variety of local currency and payment solutions
- Broad money changer network to support fast overseas remittance
- Gold standard approval ratios
- Adapting rapidly to changes in the market
For more information about Zotapay (Zota) and how we can help your business specifically, feel free to reach out to our dedicated team, who will be happy to assist or answer any questions you might have.