Worldline, a global firm in the payments and transactional services industry, is transforming the way e-commerce businesses can do business in India, Worldline is launching a new full-service cross-border solution designed to fit the needs of international online businesses who are looking to expand or optimise their e-commerce in India but do not have a local payments infrastructure. The solution will be available early next year.
Against a backdrop of rapidly growing GDP, consumer spending and digital adoption, undeniably India is an economic powerhouse and one of the most interesting markets for international expansion. With reports suggesting the nation’s FinTech sector saw investments tallying $2bn in the first half of 2021, it is also predicted that consumer spending will double by 2025 and e-commerce penetration will increase fivefold, creating an ideal environment for exponential growth. Worldline is responding to this trend and offering an innovative full-service payment solution for global online businesses within digital, education, gaming and media and travel. By introducing a suite of payment methods to global and cross-border merchants that cater fully to the needs and preferences of Indian consumers, Worldline will enable businesses to gain better access to one of the world’s most dynamic digital commerce markets. The solution suite enables clients to:
- Process in India without requirement for a local entity. Setting up a local entity in India can be time consuming and requires knowledge of local regulation
- Provide access to mandated and popular local payment methods namely: RuPay, UPI and UPI QR and Netbanking. Only a quarter of online spending in India is estimated to go through international card networks.
- Merchants can list their services in Indian Rupee (INR) to consumers via these payment methods, which is critical for conversion and customer experience.
- Repatriate funds, specifically enabling cross-border settlement of funds in the merchant’s preferred currency such as EUR, USD or GBP.
- Manage data within boundaries of Indian compliance regulations, such as privacy.
Ramesh Narasimhan, Head, Digital Commerce India, Worldline said: “India is a crucial market for Worldline alongside other BRIC economies. Accessing this growth opportunity requires deep understanding of a diverse, dynamic economy and culture, as well as the latest regulatory and payments environment. India is one of the most interesting markets for global online businesses to expand into and Worldline is best placed to make that digital transformation opportunity as seamless as possible.”
Worldline’s solution is powered by almost 2000 employees operating across India with a deep understanding of the Indian financial ecosystem and local consumer behaviour. Expanding in India is part of Worldline’s strategic approach to help businesses target high growth markets around the world, including BRIC markets. These unique domestic e-commerce ecosystems often have barriers to entry which demand specific solutions tailored to local consumer preferences and regulation. Worldline is progressively delivering solutions for high growth markets to further accelerate cross-border growth for its customers.