Every business strives to expand its activity across local boundaries and to work with foreign partners. Such ability is of great value, in order to become stronger and get rid of competition, as remaining local, its hard to withstand fierce rivalry.
Its well known, that nowadays e-payments lay in basis of most businesses. Thus, the first step towards international market is being aware of payment habits in terms of different cultures.
Knowledge of major distinctions favors flexible decision-undertaking and high responsiveness on market changes. Everyone, who has ever faced with trading abroad, has noticed, that various payment methods fluctuate depending on the country, where the transaction takes place.
The first place by credit card usage takes USA. However, European countries don’t much lag behind. Approximately 59 per cent of transactions there are made with cards.
It is important to mention, that every country still has its own preferences in online payment methods. It also must be said, that the nature of particular culture payment tastes lays in its individual economical, political and technological peculiarities.
Due to their economical development, Spain, France and less Italy are the countries, where credit cards are mostly spread. The last one is famous for implementing credit cards usage among business participants by government, targeting to decrease crime level.
However, the most active in paying by cards is UK, and the most passive, concerning electronic payments, is Germany. While in Finland transactions are made over online banking.
The influence of technology is also very noticeable. Especially it concerns mobile payments adaptation. This tendency also includes direct transfers and e-wallet service.
Discern payment tips in effective way
No doubt, knowledge of people habits towards payments will help to build right business strategy.
According different types of purchases, which depend on certain society, merchants can define, in what exactly direction they should move. Moreover, they can realize, where their activity will be the most productive, as in different countries people handle credit cards in their own way.
Thus, merchants, oriented on Chinese market, should know, that most people there tend to make initially large-scale buying. Whereas for Australians utility bills are on the first place.
In addition, it is necessary to be aware of online shopping favors of different cultures. Especially, when it comes to credit or debit cards usage choice. In USA credit cards are the most popular, whilst in Britain and France people chose debit cards. Concerning Germans, they entrust wire transfers.
Besides, people inclination to spend also varies greatly. The biggest amounts spent using credit cards are claimed to be in Australia and Canada. The least amounts are usual for French and Germans.
In spite of the above-said, financial practices could be changed according to countries economic growth.
All in all, information makes world! Being enlightened upon payment distinctions of various cultures turns out to be a great preeminence in savvy merchant hands.