PayU, a global online payment service provider headquartered in Amsterdam, has launched a new single API integration that will allow merchants to boost their business in high-growth markets.
According to GrowthBusiness.co.uk, the PayU Hub provides merchants with access to 2.3 billion potential new customers in major markets across Asia, Central and Eastern Europe, the Middle East, India, Africa and Latin America through a single integration.
“The cross-border market is expected to grow from $401 billion in 2016 to $994 billion in 2020,” said Matthias Setzer, CCO at PayU. “Nearly two-thirds of cross-border business will come from high-growth markets like Asia and Latin America. These figures demonstrate the business opportunities available to ambitious merchants from around the globe.”
Cross-border payment issues have previously hindered the space, but the PayU Hub is working to provide a solution.
“Despite the attractiveness of these growing markets, merchants are being held back by cumbersome cross-border payment infrastructure and processes,” said Setzer. “PayU Hub’s combination of our own unique local knowledge and new technology will help tackle these current barriers and ensure that our customers have access to the best financial services.”
PayU Hub’s “hyper-local direct connections” allow merchants to see increased card approval rates and reach entire markets through alternative payment methods. These features ensure that consumers in high-growth markets can pay for their purchases using their preferred payment methods.
The next step for PayU Hub, which is in its induction stage, will include completion of pilot tests by select PayU customers.