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From May 14th to 16th, financial technology company PayerMax was invited to attend Seamless Middle East, the largest global exhibition in the online payment field in the Middle East, held in Dubai. During the period, Fede Chen, global business leader of PayerMax, delivered a speech titled “Promoting Global Business: Starting with Payment, Not Ending with Payment”, which deeply discussed how overseas companies should break through in the face of the complex and ever-changing payment environment in emerging markets. Tough local challenges. At the same time, PayerMax Middle East and North Africa Global Cooperation Director Marwan Nader was also invited to participate in the conference’s “Embedded Finance Era” special forum, sharing how PayerMax can achieve merchant embeddedness by seamlessly integrating payment functions into merchant applications or websites. Pay for the experience.

The payment environment is complex and overseas companies face new payment challenges

With a young population structure, excellent Internet penetration rate and remarkable growth of the digital economy industry, emerging markets have become the most potential markets in the world, showing broad development prospects.

Taking the game industry in the Middle East and North Africa as an example, according to Newzoo’s “Game Market Report and Forecast”, game revenue in the Middle East and North Africa will increase by 4.7% year-on-year in 2023, reaching US$7.1 billion, accounting for 4.7% of the total global revenue. Gaming market revenue could reach $10 billion.

Corresponding to the imaginative market potential are the long-term challenges of the complex payment environment and localized operations in emerging markets.

Picture: Fede Chen, Global Commerce Leader of PayerMax, discusses the multiple challenges that the complex payment environment in emerging markets brings to enterprises.

At the scene, Fede said that before accessing payment, overseas companies are often most concerned about the coverage of payment methods in multiple regions. This is due to the different payment environments in different regions of emerging markets. For example, in Southeast Asia, bank card penetration is low and electronic wallets are the mainstream; in Africa, operator payment is more popular; in Latin America, cash usage is high and bank card penetration is low. In the Middle East, card payments dominate, and most of them are local card groups.

Regional differences have led to higher payment access costs for enterprises and merchants. After payment access, the real test of the capabilities of payment service providers begins. Specifically, the challenges faced by enterprises and merchants after entering the market may be uncontrollable payment risks, exchange loss risks caused by exchange rate fluctuations, potential penalty risks caused by regional tax rules, and the lack of marketing effects caused by user behavior insights. Not good and so on.

“In this context, in addition to payment solutions, overseas companies urgently need professional localized services, such as mature risk control management, financial, legal and tax consulting, etc., to help companies comply with laws and regulations. Better integrate local resources, conduct refined operations, and achieve low-risk business development,” Fede said.

More than just payment, matrix services meet diverse local needs

As overseas companies have an increasing demand for localization, suppliers upstream in the overseas service chain are constantly enriching their service content to adapt to external changes. With years of deep localization, PayerMax has continuously enriched and improved the capabilities it has accumulated in the past, and gradually built a matrix service system that is “more than just payment” to meet the diverse needs of customers.

“In addition to payment, PayerMax has launched a variety of targeted value-added services in response to customers’ different business priorities in the process of globalization, such as risk control management, professional financial and taxation foreign exchange consulting, localized marketing resources, etc.”

Taking risk control as an example, Fede said: “PayerMax has established a dynamic anti-fraud system that runs through the entire business life cycle before, during and after the event: it uses rich data accumulation to classify customers and users’ risks and preferences beforehand; during the event, it uses machines Learn models and strategies, analyze transaction data in real time, design customized strategies, intercept and control risks; afterwards, analyze customers’ risk transactions, output reports, and optimize risk control strategies. In addition, PayerMax relies on its independent and complete risk control service system. , and can also provide customers with customized risk control strategy configurations, such as risk identification for other roles such as big R players in the gaming industry.”

At the same time, PayerMax can also provide customers with tax advice and customized tax plans, provide tax payment services for customers who are unable to pay taxes on their own, and provide its localization team with policy compliance advice, user data protection legal advice, etc. . In terms of foreign exchange services, PayerMax provides exchange rate fluctuation and transaction risk monitoring products. Its foreign exchange lock business covers many emerging market currencies, especially in foreign exchange distressed markets. Customers can lock the current exchange rate as the future settlement exchange rate to avoid the risk of exchange rate fluctuations.

In addition, PayerMax also has the service capabilities of payment marketing and advertising empowerment, such as preferential marketing through local mainstream payment methods, improving user conversion rate and payment success rate, etc. With a wealth of local marketing solutions, PayerMax has helped a global Top 20 gaming company expand its market in South Korea to increase its transaction volume by 91% and its transaction success rate by nearly 20%.

“As a cross-border payment platform, PayerMax has been committed to providing customers with rich and diversified services to help them achieve growth and breakthroughs in business value in their exploration of globalization. At the same time, we are also constantly breaking down regions and currencies barriers to make payments more inclusive and inclusive, and promote global cross-border transactions and cultural exchanges. In the future, PayerMax will continue to explore and expand new payment scenarios and models, enrich the extension of matrix services, and create greater value for merchants and consumers. and convenience to promote the development of global digital payments,” Fede said.

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