The report highlights the varying payment methods across different countries, with many nations having their own domestic payment systems or using local mobile wallets. This requires online retailers to pick the right payment service provider (PSP) as they expand beyond their home markets, using sophisticated machine learning systems to track and identify the most effective PSPs and methods in various territories. Getting this right not only benefits the payments team but can also give sales volumes a huge boost, reducing cart abandonment rates by up to 40%. Therefore, it is crucial for online merchants to have local knowledge to maintain a smooth purchasing experience for their customers.
