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~ Newegg WorldFirst ~

software companies working together to curate those verti- rience should be seamless and painless – and although there
cal slices to provide a complete service to small businesses are many options for processing payments for sellers, from
looking instead for end-to-end digital financial solutions. local or international payment methods to stored-value pay-
The relatively low costs and accessibility of these ‘rebundled’ ment methods, fintech once again has an eye on the future.
services should make it easier for marketplaces to expand APIs make paying sellers based anywhere in the world as
into emerging markets such as Latin America and Asia, and simple as integrating a few lines of code. WorldFirst’s World
grow their customer bases across the globe. Account, for example, offers sellers a way to charge buy-
ers in their local currencies and hedge their FX exposure
The impact of digital money seamlessly via API or an intuitive online platform. Along
Earlier, we touched on the possibility of cryptocurrency the same lines, previously arduous administrative tasks, such
finally experiencing the global take-off that’s been predicted as reconciling or bookkeeping, can be automated via simple
since Bitcoin’s launch in 2009. If this happens, what does Xero Accounting integration. Thanks to APIs, marketplaces
it mean for marketplaces? Is it something customers want? can streamline their payments and integrate with a range of
Well, maybe. Cashless supporting software and
payments are growing services. It’s a trend we’re
“THE PROSPECT OF
swiftly in popularity, with bound to see improve in
many customers now the next few years.
choosing to make pay-
A CASHLESS SOCIETY
ments via smartphone. In Onwards and upwards
Sweden, the central bank One of the key underly-
has been testing out a ing marketplace suc-
IS BECOMING AN
new digital currency, the cess factors can almost
e-krona, which it believes definitely be attributed
will be less vulnerable to to the success and rapid
The prospect of a cash- INCREASINGLY REALISTIC growth of the relatively
attacks.
new fintech industry. In

fintech products was just
less society is becoming 2011, investment in new
an increasingly realistic PROPOSITION FOR £1.8 billion. However,
proposition for nations this is set to skyrocket to
it makes perfect sense for NATIONS LIKE SWEDEN, in 2020 – and counting!
like Sweden, China, and
an astonishing £20 billion
to an extent, the UK. And,
These innovations within
that cashless society to the wider financial sector
have a single, universal CHINA, AND TO AN make the experience of
digital currency. While interacting, engaging
this might not happen in and ultimately buying
the next year, or even ten, EXTENT, THE UK.” on online marketplaces
from a global marketplace much more streamlined
perspective, a greater and customer-centric.
take-up of cryptocur-
rency would be ideal, as it has the potential to streamline This increased demand for customer-centric payment solu-
global transactions and removes the prospect of inefficien- tions has cross-pollinated into areas like foreign exchange,
cies or risks in currency conversion. However, this won’t forcing a shift in an industry notorious for historically
happen on a mass scale unless there are lower volatility and favouring the broker rather than the customer. Principal
greater regulation than in the currently available cryptocur- foreign exchange and currency providers like WorldFirst are
rencies - and perhaps most importantly, higher adoption. It’s leading this FX revolution by changing business models to
a chicken-and-egg situation; without higher adoption, the meet the needs of the online marketplace – and that means
cryptocurrencies can only have very limited use, but because more transparent pricing, better API integrations, and
they’re not widely used, others are reluctant to start. Will this greater services to support cross-border trade online.
be addressed in 2020? We’ll have to wait and see.

Integrations as far as the API can see
One of the main ingredients for a successful and vibrant To find out more about WorldFirst and how they’re supporting the growth of
marketplace ecosystem is offering consumers and retailers online marketplaces, visit worldfirst.com/uk/
choice in how they pay and are paid, respectively. This expe-

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