Brokers expanding into emerging markets are losing potential clients at the deposit stage due to inadequate payment localization, according to SPAYZ.io Chief Commercial Officer Tatjana Meluskane. Speaking with Finance Magnates, she revealed that many firms mistakenly assume card payments work universally, when mobile money dominates Africa and QR codes rule Asia. SPAYZ.io currently supports over 55 alternative payment methods across more than 35 countries in these regions.
The core issue is brokers focusing heavily on platforms and marketing while neglecting payment experience tailored to regional habits. Meluskane emphasized that supporting local currencies, familiar checkout interfaces, and region-specific methods like mobile wallets and bank transfers significantly reduces deposit abandonment. She stressed that payment providers must understand specific market behaviors rather than applying one-size-fits-all solutions. Brokers relying primarily on card infrastructure risk excluding substantial client segments in high-growth markets where alternative methods are preferred.
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FXnCO Insight
** Brokers targeting Asia and Africa should immediately audit their payment stack to ensure mobile money, QR codes, and local transfer options are available or risk losing deposits to better-localized competitors.
Source: Finance Magnates