Phil Pomford April 29, 2021 09:23
Shoppers are increasingly making purchases on their mobile devices, and Hongkongers are no stranger to this trend as the city has one of the highest mobile penetration rates globally. Consumers in Hong Kong would be familiar with ordering groceries via the city’super app, booking an Uber, or shopping on a live-streamed auction on Taobao. These are some of the many ways consumers are transacting on their smartphones.
Mobile was already the preferred e-commerce channel before the pandemic struck, but adoption and usage have accelerated in the past year as online-first shopping becomes the norm. According to Worldpay from FIS’ 2021 Global Payments Report, 57% of all online transactions in Hong Kong take place on smartphones, and mobile commerce (m-commerce) will continue to grow rapidly at 13% per annum – significantly exceeding that of desktop at 3%.
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Partnerships between payment processors in different continents drive the spread of e-commerce around the world.
Businesses that want to expand into Africa have one problem: the ability to receive online card payments using bank cards in places like Nigeria.
One example of this is Spotify. Many Nigerians have complained about not being able to pay for a subscription to the music streaming service since it launched in the country in March.
A mid-sized business based in, say Europe, will typically have one or two e-payment partners. One of those could be Worldpay, the payment processing platform acquired by Fidelity National Information Services (FIS) in 2019.
Hungary’s external balance indicators improved last year, in spite of the pandemic, the National Bank of Hungary (MNB) said in its quarterly Balance of Payments Report published on Tuesday.
Hungary had a current-account surplus for the year at 2.1 percent of GDP. External debt indicators reached historical lows at 8 percent of GDP, in line with the regional average and at 2019 levels. The FX reserves “significantly exceeded” levels expected and deemed safe by investors, the report said.
Hungary’s gross external government debt edged up to 58 percent of GDP, the MNB said.
The downturn in tourism and transport reduced Hungary’s surplus in trade of services, but that impact was offset by lower import demand and an expansion in exports on the back of a recovery in industrial output and an improvement in terms of trade, according to the report.
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