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Online shopping has been at the heart of an economic revolution for more than fifteen years. Connected consumers have more choice than ever, and can select goods and services from a range of providers both within their own markets and across borders. Currently worth around $2.5 trillion annually, it’s estimated business to consumer e-commerce will be worth about $7.4 trillion by 2030 – around one-third of today’s entire US economic output. According to consultants McKinsey and Company, more than one dollar in seven ($1 trillion) of this value will be transacted across borders.
While this is great news all round, specific challenges in cross-border e-commerce have hampered growth. These include merchants’ capacity to accept a wide range of domestic and regional payment methods and slow settlement of funds between different countries.
To discuss this, we are joined by Mikael Lijtenstein, CEO of AstroPay. With a background in engineering and product development, Mikael combines technical expertise and years of experience in connecting global merchants to consumers in emerging markets to drive innovation in cross border payments across the world.
