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X-Border Tracker January 2016 FINAL[1]

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X-Border Tracker January 2016 FINAL[1] ! PYMNTS.com A MONTHLY UPDATE ON THE TRENDS AND PLAYERS JANUARY 2016 ALLIED WALLET ADDS JIGOSHOP AND SHOPPERPRESS TRANSPAY BREAKS INTO TOP 10" SWIFT TO LAUNCH GLOBAL GLOBAL PAYMENT ALIBABA ECOMMERCE INNOVATIVE PROJECT STAYS OFF TO EXCEED US’ $3.5 TRILLION BLACKLIST BY 2019 PAYVISION INVESTS IN PAYPLAZA FOR UNIFIED CROSS BORDER OMNICHANNEL STRATEGY © 2016 PYMNTS.COM | ALL RIGHTS RESERVED PAGE !1 OF !51 ! PYMNTS.com COVER STORY Dear Merchants, Get Your Wares, Nigeria Is Open for Business Don’t look now, but retail is exploding in Nigeria. There are 18 malls in Nigeria spanning over 10,000 square meters today, and the country plans to add another 180,000 square meters of retail space by 2016. An expanding middle class population with the propensity and means to spend is creating a consumer demand that is outpacing the supply. Nigeria has one of the fastest population growth rates of any country in the world – coupled with a rapid urban expansion. The United Nations estimates Nigeria’s population to increase from 180 million to 400 million by 2050, placing it behind only India and China. A recent New York Times article reported estimates of Nigeria’s middle class growing by 600 percent from 2000 to 2014. The article, citing statistics provided by Standard Bank, notes that 4.1 million Nigerian households are now considered middle class (11 percent of the total population), while an additional 7.6 million households are expected to join that category by 2030. A McKinsey report in 2013 noted that 11 to 18 percent of affluent urban households had the purchasing power and annual incomes over $10,000. The emerging middle class, also a key demographic for retail chains, with an annual income of $5,000 is expected to grow to 27 percent in 2020 and will account for 23 percent of the total population with a buying power of over $28 billion by 2020. This voracious demand for brick and mortar retail, however, is not the only retail opportunity that this new breed of consumer is using and contemplating. ECommerce is being stimulated by increasing smartphone ownership. There were more than 11 million smartphone users in 2014, and that grew to 13.2 million in 2015. That number will nearly double over the next three years. Approximately 48 percent of the population has Internet access, primarily via mobile devices. And these users are already used to shopping online. The wave of mobile revolution in Africa has put a world of possibilities in people’s hands, where there is now enough to buy, newer places to buy from and money to spend. There are currently 300,000 online orders processed in Nigeria every day and an estimated opportunity as large as $10 billion for those merchants eager and able to cater to the Nigerian consumer. The growing number of online shopping portals like Dealdey, Jumia, Konga and Yudala serve as proof that Nigerians are © 2016 PYMNTS.COM | ALL RIGHTS RESERVED PAGE !2 OF !51 ! PYMNTS.com COVER STORY CON'T willing to experiment with new online places to shop and adopt new payment methods, opening up new avenues to transact and trade. The country processed payments worth $222 billion in 2014, amounting to more than 526 million payment transactions in total, with mobile and Web payments equaling roughly 10 percent of that amount. Boosted by a mobile revolution, users in the country are fast getting accustomed to perks like mobile wallets, money transfers and bill payments, thus incenting merchants to find them there. The country already boasts of having one of the safest online payments systems with three factor authorization, online check payments and a growing number of merchants equipped with mobile point of sale devices. Even as malls and shopping centers become locus of this new hunger attracting starry-eyed Nigerians who are lured by global brands with the likes of Woolworths and Wrangler, the country’s financial institutions are making sure to create an inclusive framework where the smaller merchants do not get left behind. Skye Bank, one of Nigeria’s commercial banks, launched YesMall in November 2015 as an online portal for smaller merchants to compete on the same platform as bigger, global rivals. And going by trends, this might soon prove to be a necessity rather than a thoughtful initiative. Nigeria’s growing number of cross-border shoppers total 80 percent, according to studies. PayU Nigeria’s Country Manager Juliet Nwanguma attributes this growth to an efficient regulatory process, awareness and openness of the common consumer, which is creating a competitive retail market without boundaries.This is also evident in the growing intra-African trade, dominated mostly by eCommerce. African countries carry out about 23 percent of their trade with one another, especially in Nigeria, where a whopping 47 percent of the total online spend is done cross-border. Africa is a land of opportunities abound, and as means catch up with needs, these new markets create consumers with an expanding propensity to buy — and do so with ease. Nigeria is mirroring growth seen in developed markets now, with malls functioning as a town square where people get together socially, eat and shop to pass time. 2014 was the first time when traditional retailers in America generated half their sales online. Markets like Nigeria are leapfrogging ahead and creating an ecosystem where brick-and-mortar models work synchronously with online, thanks to easy and efficient access provided by affordable smartphones. As people started using their phones as a window to the larger world, more ins were created. Consumers want to consume, but are merchants paying attention? © 2016 PYMNTS.COM | ALL RIGHTS RESERVED PAGE !3 OF !51 ! PYMNTS.com WHAT’S INSIDE Trade is crossing borders — literally. From a trading framework proposal between Kenya and Ghana to the Indian government setting up a B2B portal for international eCommerce, technology and higher disposable incomes are slowly erasing boundaries virtually. eMarketer forecast global eCommerce sales to exceed $3.5 trillion by 2019, reaching 12.4 percent of overall retail sales. China leads the race, contributing close to 40 percent to the global pie. But not for very long — stakeholders in India and Africa (namely Kenya, Nigeria and Ghana) are steadily working toward gaining a foothold in global retail. In these regions, technology is aiding more than just the movement of money. A smartphone is less of a communication device and more a gateway to varied material pleasures that were hitherto unknown. And many are riding this wave well. Kenya and Ghana propose to set up a pan-African trading framework to consolidate regional trading better while incenting buyers to shop globally and mark Africa’s position as a competitive player in global retail. The proposal includes setting up a trade hub that facilitates easy transactions between different stakeholders like the government, businesses and consumers. In India, dwindling exports last year could mean missing the export target of $300 billion by 2016. The government has tasked the country’s national postal service, India Post, to create an international B2B eCommerce hub. The model replicates the Alibaba marketplace and connects consumers in India to merchants abroad. The government also plans to subsidize international shipping. Once there is a critical mass, the ecosystem will develop itself around it to ensure proliferation in services and solutions. For instance, in just nine months since its inception, PayPal’s One Touch has garnered over 10 million users across 23 countries. The tool quickens the checkout process by skipping payment credentials for verified sites. The company said more than 50 percent of the Internet Retailer 500 and more than 1 million merchants around the world now use One Touch. Companies are collaborating to broaden their consumer reach. Digital River and NSW partnered to allow shared customers to enter geographies outside of their home markets and establish themselves as local merchants, reduce the risks of global eCommerce and ultimately accelerate time to revenue. It will help companies address local customer needs, and solve complex technical and regulatory requirements associated with building a cross-border business. © 2016 PYMNTS.COM | ALL RIGHTS RESERVED PAGE !4 OF !51 ! PYMNTS.com WHAT’S INSIDE The X-Border January Tracker Updates In this issue, we’ve profiled 65 global payment service providers, including six additions to the Tracker: American Volume, BluePay, ecoPayz, GoCardless, Intelligent Payments and Transpay. Within the existing providers, we updated four players, which also slightly affected their scores. Allied Wallet and 2000Charge were adjusted for developer features and solutions. Payvision was updated to reflect offerings within omnichannel. Finally, Vantiv was updated to reflect new fraud features. © 2016 PYMNTS.COM | ALL RIGHTS RESERVED PAGE !5 OF !51 ! PYMNTS.com THE X-BORDER LANDSCAPETM The X-Border LandscapeTM is a graphic representation of the Top 10 payment service providers in five categories important to optimizing a merchant’s cross-border payments operations. The highest ranked providers are listed to the right of the graphic. Among the six new companies added to the Tracker, Transpay and BluePay broke into the Top 10 ranking. INDUSTRY STANDARD BEST-IN-CLASS PAYMENT METHODS GEOGRAPHIES DEVELOPER TOOLS RISK AND COMPLIANCE FRAUD TOOLS OMNICHANNEL Indicates top scoring company in at least 4 categories. *Top 10 are based on final scores. There may be ties in each position, creating more than 10 companies per category. © 2016 PYMNTS.COM | ALL RIGHTS RESERVED PAGE !6 OF !51 ! PYMNTS.com NEWS & TRENDS GEOGRAPHIES China´s eCommerce imports to reach $939 million ECommerce imports in China in 2015 are expected to reach $939 million, up from $700 million a year ago, thanks to a change in consumer attitude, greater purchasing power and lack of locally produced goods.
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