Payza’s Firoz Patel on E-Commerce & the Future of Payments
3 May 2017
Firoz Patel, Executive Vice President at Payza, speaks with Alastair Greener at the Telegraph Studios for Business Reporter's Future of Payments campaign to talk about the future of e-commerce, both in Europe and abroad.
Firoz Patel, Executive Vice President, Payza
Patel’s expertise in opening and developing new markets especially in countries with emerging economies gives him a unique insight into the challenges facing these populations.
In what Patel calls a “changing of the guard,” many developing countries around the world are experiencing an economic revitalization, as old attitudes make way to new voices and forward-thinking leaders. As political interests in these countries recognize the value of empowering local communities and business owners to participate in the digital economy, many in power are now realizing that it’s time to join the global marketplace.
The challenge, Patel explains, is in providing local tools that are compatible with international payment networks. Domestic services, such as mobile money, cannot be used to transfer funds internationally and many banks do not offer the payment services that cross-border merchants require to do business.
One way in which Payza overcomes this barrier is by partnering with local financial institutions and working with regulators to facilitate payments between local customers and cross-border merchants. Payza blends traditional payment options, such as credit cards and bank accounts, with new technologies like mobile money and cryptocurrencies.
“Consumer demand is actually what’s making the change right now. The trends are being determined by their needs, and their needs are dictating that people are looking for faster, easier methods of payment. With more variety of payments systems coming on the market, it’s becoming very cumbersome for people to have or maintain many different facilities. They just want something more like a one stop shop.” – Firoz Patel, Executive Vice President, Payza
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