(12 August 2024 – China) WorldFirst, a one-stop digital payment and financial services platform for global businesses, has partnered with Walmart to enable eCommerce sellers based in China to collect funds from Walmart Marketplace, accelerating global growth opportunities.
The new ecosystem broadens businesses’ access to essential resources needed to succeed in overseas markets. Leveraging WorldFirst’s 20 years of expertise in secure cross-border payments, the new digital payment collection service will provide online sellers with three key benefits including:
- Security and Compliance
- Low Cost
- Rapid Store Opening
As SMEs seek to capitalise on the global eCommerce boom, cross-border payment solutions are emerging as a crucial component of success. East & Partners Cash & Payments research services confirms cross-border payments represent the fastest area of product engagement growth with significant implications for customer churn and wallet share for incumbent bank majors.
“Banks typically don’t offer offshore foreign currency accounts, requiring SMEs with overseas customers to seek localised payment solutions from foreign banks, which is often a difficult, costly, and time-consuming process. Inefficiencies in cross-border business payments may hinder SMEs from adapting to rapidly changing consumer preferences in global eCommerce. By offering more overseas local currency accounts than the financial incumbents, WorldFirst widens the opportunities for its eCommerce clients to sell in more countries” commented WorldFirst Country Manager, ANZ, Jim Vrondas.
“The speedy payment services we provide is secure with client funds deposited at the world’s leading banks. We also leverage AI and other technologies to comprehensively conduct fraud prevention and risk evaluation, ensuring a streamlined and secure payment process for our clients” Mr Vrondas added.