Indian consumers and merchants’ inclination towards international brands has opened a gateway for Cross Border trade. With plethora of options, these traders are exploring opportunities in the international trade space.
There is no dearth of prospects in the International markets and these traders are on-the-go to churn out the best available deal for the most lucrative return.
To facilitate this class of consumers economically, PayPal has launched the innovative PayPal.Me and New Money services, which will help merchants to accept international payments in 26 currencies from major credit cards, debit cards and PayPal accounts.
In a joint venture, PayPal and IPSOS launched the PayPal Cross Border 2015 Millennial report. Backed by the findings of this report and PayPal’s focus on the millennial segment, PayPal India launched ‘New Money’- PayPal’s vision for money, payments and commerce. This is indeed a better way forward for its consumers and merchants in India. PayPal.me is a faster and personalised option for merchants to receive cross-border payments.
The report evaluates the online and cross border shopping habits of over 23000 internet users across 29 countries including interviews of 517 millennials in India. It identifies factors that drive the age group of 18-34 to buy across the border, the barriers faced by them and their approach towards making international payments online.
The research highlights that 59 per cent of millennials have shopped across the border for apparel and consumer electronics. Higher product quality was one of the key reasons for Indian millennials to choose products from global websites. A notable highlight of the report is the high incidence of event ticket purchases. Close to 79 per cent of Indian millennials shop for event tickets online.
While millennials surveyed were most notably hindered to shop across the border by high delivery shipping costs, some of the other factors included difficult return process, unclear duty and tax structures, long delivery times, unfavourable conversion rates and payment option only in foreign currencies.
Making online payments has emerged to be one of the most important aspects of cross border purchases. Being a generation that thrives on options, millennials prefer having the choice to pay in a currency of their choice.
Complementing the survey findings, PayPal will soon roll out a series of promotions and programs for millennials to experience how New Money means No Boundaries.
PayPal has also announced the launch of PayPal.me for business. PayPal.me is a new business feature, which allows receiving payment via the click of a link in a fast, convenient and personalised way, backed by PayPal’s trusted and secure platform.