Amazon set to simplify cross-border payments in partnership with Western Union
Leading cross-border, cross-currency money movement specialist Western Union announced on 31 October that is has partnered with Amazon to launch a new payment option for international customers
The new payment method will enable international customers on Amazon.com to pay in their local currency for online purchases, removing a significant barrier to many customers’ access to the US site’s broader product selection.
“We’re leveraging our money movement platform to make it easier to shop global and pay local,” said Hikmet Ersek, president and CEO of Western Union, in the firm’s statement.
“By facilitating the complex foreign exchange and settlement process, we’re opening up more consumer choices and access to online shopping for tens of millions of potential new Amazon customers.”
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Western Union’s statement did not elaborate on which countries and currencies would be eligible for this new payment method, nor did it offer a timeframe for the launch of this new payment option.
The statement notes Forrester Research’s estimate that 20% of ecommerce will be comprised of cross-border shopping by 2022, reaching a value of US$630bn.
Ever-present at the forefront of ecommerce developments, Amazon will certainly want to capitalize on this opportunity for increased revenue from overseas.
This partnership with Western Union is emblematic of the ubiquitous ecommerce giant’s determination to remain ahead of the curve.