How fintech innovation is helping eCommerce evolve in 2020

The payment options and processes have a significant impact on consumer behavior and customer experience.

If your customer has a bad experience through the payment process, then you can kiss goodbye to an otherwise returning customer for good. Same goes if the customer can not access the payment solution you offer on your site because they can’t make a purchase, can they?

These are the two challenges that the fintech industry is trying to solve.

Let’s explore two solutions that you need to keep an eye on if you want to stay relevant this year.

2 Ways fintech innovation is pushing eCommerce evolution

The whole purpose of the financial technologies (fintech) is to make transactions more accessible and safer to process. That’s why when it comes to any form of commerce, fintech is one of the most influential factors to push it forward.

Paypal is a predominant name in the fintech industry, but it goes beyond that. Here are three other innovations that aren’t as well-known. 

mCommerce and social media

Mobile Commerce (mCommerce) are technologies that use our phones as a way of payment.

They are a truly convenient way to pay for goods, services, and anything we can imagine, thanks to the power of Amazon Pay, Apple Pay, Android Pay, etc.

However, there’s one innovation that’s taking online shopping to a whole new level: Social Media.

Social media shopping (i.e., on Pinterest and Instagram) has given brands and retailers a new way to connect with their customers on a more personal level.

Making purchases such as frictionless process for the consumer, that it has skyrocket sales for businesses that take full advantage of content creation and brand messaging.

Borderless payments and blockchain

Why is cryptocurrency and blockchain technologies getting so much traction worldwide?

Two words: security and freedom.

International trade is still an emerging sector when it comes to payment online. Borders are still crucial when it comes to traditional payment, and personal data security is always at risk.

Blockchain and cryptocurrencies allow data from both parties to be secure while keeping track of the whole transaction process and without any limitation based on country of origin.

This is a big deal for international trade and for consumers from countries where it is hard to access traditional financial systems.

This is why at Export Portal, we use our proprietary blockchain system to help you access providers and partners without any risk. Learn more about what we offer our users and register today!