California-based Citcon, a mobile wallet payment provider, has expanded its global footprint to South Korea and Japan, the company announced on Monday (March 7).
Asia-Pacific e-commerce sales totaled nearly $3 trillion last year, Citcon reported. Japan and Korea are the fourth and fifth largest markets for online shopping in the world, and the second and third largest markets in the region, just behind China.
In total, Japan and South Korea account for more e-commerce than Germany, France and India combined, according to eMarketer.com.
“We enable merchants to enter global marketplaces where e-commerce is growing rapidly, but market participation requires a localized payment solution,” Citcon CEO Chuck Huang said in a statement.
With its presence in South Korea and Japan, Huang said Citron can help merchants expand their offerings in these fast-growing markets, enabling them to transact securely in local currencies and native languages.
Citcon’s global payment solution is designed to simplify the complex challenge of integrating and managing multiple payment options and enabling cross-border commerce, the company said.
The Citcon network also allows the use of the most popular digital wallets in each country, such as PayPal, RakutenPay, LinePay, AliPay and UnionPay.
When it comes to shopping, consumers look beyond their borders. Over 75% of shoppers in the US, Canada, China, Australia, UK, Japan, France and Germany say they have purchased from e-commerce vendors outside of their country of origin. origin over the past year. That’s up from 69% in 2019.
Read more: Consumers Want to Shop Worldwide — Is Your Site Ready?
This increase in cross-border e-commerce suggests that companies would do well to launch or expand their global e-commerce efforts.
Yet more than half of consumers say high shipping costs and long wait times for deliveries deter them from buying overseas. Cross-border buyers need transparency regarding taxes and duties and to see these charges displayed accurately, even if these charges are included in the price.