The silk road of payments we must travel
Mapping and mastering the journey by relying on a clear radar
Inspiration comes from near and far and even in today’s hectic five second attention economy, settling down with a book gives great insights. Live fast, read slow. When Peter Frankopan, a renowned UK professor of global history at Oxford University and esteemed author wrote his first Silk Roads book, he had no idea that it would sell more than a million copies around the world – from East to West and anything in between. He soon figured out he had to write an update in 2019 feeding the apparent hunger to understand our global history and look at it through a non-traditional lens where Europe and the West dominate the narrative towards Asia and the East. Four years later he looks at how “acute awareness of a new world being knitted together, has helped prompt plans for the future that will capitalise and accelerate the changing patterns of economic and political power”.
This hefty introduction succinctly puts into words why Radar Payments was launched. Bridging worlds in terms of geography and culture, bridging worlds of different needs across citizens in cities and remote areas, worlds that carry the burden of hefty technology investments made over many years versus worlds that leapfrog technology in total freedom. For one truth is inescapable: trade is global and local and so transactions are too. Innovation is unstoppable and technology goes often even too ‘fast to follow’, let alone lead.
It is exactly that dimension that urges us to set up a white label service for PSPs and other payment service providers for we know that your local customers are used to you and enjoy your services. Yet global forces around tightening price margins, higher compliance cost and an unrepentant pace of change make it impossible for many to be all to everyone. At the same time your customers expect the best and most secure always on service plus the most relevant value-added services for a typical segment or country. And compound this with an abundance of payment service providers active in the market, merging or looking to squeeze you out.
So, why do we jump in this red ocean of providers? For one simple reason. Current payment services or cloud providers are wanting to get your customer share, your reach and win them over. We do not – your customers are yours to keep and grow. It is our passion to purely focus on the – white labelled - technology platform and add new value add services that help you to make the difference for your customers.
Like the travellers of the Silk Road, we serve customers in over 80 countries around the world, and where others do not go, we do. We know that although half of Europe as a whole embraces contactless payments, in France that is only 25%. We know that in Germany customers still use cash for small purchases, whereas the Dutch tend to abandon cash almost completely. Credit cards are not favoured by them, but in the UK a card is a card, be it debit or credit. In China QR code payments are rising rapidly, offered by the two giants. And in Singapore that leads as a major eCommerce exporter, the payment method that still reigns supreme is the credit card. We also know that today, with the pandemic, people can change their habits in a matter of weeks, we don’t know if they will go for a QR code, a mobile wallet, a contactless card or an account transfer. What we do know though is that you need to be nimble and agile enough, and be ready to offer a wealth of options for more changes to come.
So what we learn whilst travelling all corners of the world. Habits are hard to break, so in your market you need to offer the best value add, and if you have global ambitions understanding the local habits serves you best. In all of this we can help by being a steadfast and totally safe and always up to date on compliance means most.
Combining experience with curiosity means we always want to add value in dialogue with customers and end-users. The payment is part of the transaction is part of the trade. Innovation in payments moves up the ladder – from initiation and settlement to adding true value in the full value chain. That is hard to do on your own. Travel with us, go East go West – go onwards and upwards. Go with Radar Payments.