Cross-border payments vary from country to country.

In Europe and the United States, paypal and credit cards are the main options, which are relatively common. Southeast Asia and Latin America are more complicated. In these places, it is very cumbersome to use PayPal for settlement. In addition, due to policy issues in various countries, it is difficult to complete payment settlement in a short period of time. Credit card payments in these regions account for about 70% of all payment markets, but among them, the number of people with international credit cards only accounts for 20%. Therefore, the most important payment method is credit cards that support local currency transactions in these regions. Choosing a payment channel that supports local currency credit card transactions is an important step in opening up the Southeast Asian and Latin American markets.

Taking an example from Brazil, the issuing organizations of local currency credit cards in Brazil are divided into international credit card organizations such as VISA and MASTERCARD, as well as local credit card organizations such as ELO and HYPERCARD. Currently, from the perspective of the entire market, there are only Pagsmile, the cross-border payment platform of Wanzhong Wanwei, supports all credit card types in Brazilian local currencies, as well as credit cards issued by major Brazilian banks.

If you are engaged in foreign trade or a company doing overseas business, it is very important to choose the right payment method, otherwise the settlement will take 3 to 5 days, which is really a headache.