FIS To Take Indian Merchants To Global Customers: Yvonne Szeto
As the export of goods returns to normalcy post-pandemic, how is FIS supporting Indian e-commerce merchants to make the most of this opportunity?
The pandemic has compelled consumers to become more comfortable with purchasing goods and services online as well as accelerated global trade. India has certainly capitalised on these trends with its merchandise exports recording its highest-ever exports in June 2022 at 37.9 billion dollars, and FIS, a global payments technology business with over 30 years of experience in merchant services and online processing, has hired a team of people across tier I and II cities to support Indian merchants going global through e-commerce.
How can Indian merchants open wider doors of global trade for embracing new e-commerce opportunities?
There are a number of factors that can unlock global trade for Indian sellers; localisation and consumer preference being the top two. To build trust with potential buyers, e-commerce players need to display their offerings in their buyers’ local language and show prices in their home currency. Further, consumer preferences such as their preferred payment methods should be offered to maximise sales conversion, and these days, consumers want seamless checkout experiences such as one-click payments through digital wallets as well as flexible payment options such as Buy Now Pay Later.
Can you site an example of how FIS is taking Indian merchants to global customers?
BharatMatrimony, an online matrimony service and part of Matrimony.com, is an example of how Worldpay from FIS is supporting Indian organisations to grow their businesses abroad and improve technological, commercial and operational efficiencies by signing up as a merchant for their overseas operations. Their integration into Worldpay includes a multi-currency payment gateway that will allow their members across the US, UK, Europe and the Middle East to pay in their local currency via major schemes of Visa and Mastercard, popular alternative payment methods such as ACH and Paypal as well as mobile wallets including Apple Pay, Samsung Pay and Google Pay. Further, through a single master merchant agreement, additional services such as fraud detection and reporting are offered to help Bharat Matrimony manage risk and reconcile payments.
Considering the massive scale of digital payment adoption across various customer journeys, which payment technology is set to transform the Indian e-commerce space, according to you?
Merchants that offer mobile wallet acceptance in itself offer a layer of fraud protection as it leverages biometric authentication for transactions which is secure because it relies on the unique biological characteristics of individuals (such as a fingerprint) to verify they are who they say they are. At present, biometric authentication technology is just used with AePS settlement systems based on Aadhar identification in India. FIS expects biometric authentication for transactions to be the next big disruptive payment technology for the Indian e-commerce market once the legal framework that governs such practices are defined. FIS continues to advance and innovate with its payment solutions and services across the globe. Around one-third of our employees are from India and the country is a vital hub of employment with huge potential. Additionally, FIS wants to empower Indian merchants to take their business global by providing them with cost-efficient fintech solutions and new-age payment technologies that are widely used across the globe.
