Asia-Pacific has grown into the world's largest market for cashless transactions. Find out what are the top APMs here.
The foreign exchange (Forex) market is the world's largest financial market, with a daily transaction volume of $6.6 trillion, making it more significant than the stock market due to its global accessibility. Forex trading can be done by anyone with a phone or computer, making it the largest, fastest, and most accessible financial market for investors worldwide. To cater to the high volume of daily transactions in the Forex market, brokerage platforms must provide a seamless payment process to customers.
Here, we will explore the latest technology Forex businesses should implement to boost their revenues.
Table of Contents
Boost Your Revenue Stream with These Innovative Technologies
1. Flex 3DS
Forex businesses should implement Secure Customer Authentication (SCA) to prevent fraudulent transactions in compliance with the Payment Service Directive 2 (PSD2). Using 3DS, a solution designed to increase electronic payment security is an effective approach to implementing SCA. Forex businesses must collaborate with payment gateway providers that offer 3DS2 solutions to address concerns about friction within the payment process. Payment gateways can alleviate these issues through 3DS routing, which allows Forex platforms to customize their 3DS2 strategy for optimal success rates.
2. Intelligent Transaction Routing
Forex businesses should choose payment gateway providers with a multi-acquirer setup for uninterrupted payment processing. This setup allows payments to be made through cascading, where failed transactions are automatically rerouted to a secondary acquiring bank in the event of a specific acquirer being down. The business can enhance its approach to selecting and acquiring banks for different customers using Intelligent Transaction Routing (ITR).
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3. Multi-currency Transactions
Recent technological advancements have increased the demand for Forex brokerage platforms globally. To avoid increased rates of purchase abandonment, Forex businesses must provide localized payment currency and language to international investors. Payment gateway providers offering multiple currency transactions and support for local languages can help Forex brokers meet these demands.
4. One-click Payments
The fast-paced nature of the Forex market requires payment gateways that enable swift transaction processing. One-click payments provide a seamless payment experience for customers, enhancing customer retention, increasing conversion rates, and reducing app abandonment rates. Forex brokers need a reliable payment gateway that offers real-time transaction monitoring and a one-click payment solution to achieve this.
Streamline Payments for Your Forex Business with XanPay
XanPay is a reliable and efficient payment solution for forex businesses. It offers a user-friendly platform with cutting-edge technology to streamline payment processes and maximize cash flow.
Sign up for Xanpay today and experience the benefits of a top-tier payment provider for your forex business.
Asia-Pacific has grown into the world's largest market for cashless transactions. Find out what are the top APMs here.
Asia-Pacific has grown into the world's largest market for cashless transactions. Find out what are the top APMs here.