Web3 aims to provide value to users around the world, but major hurdles must be overcome before global adoption.
One of the obstacles is the lack of local payment integration owned by the Web3 project, for example the German-based Web3 project does not offer payment options to citizens living in Brazil.
This is because, making local payment options for customers in their respective regions is a strategic decision to make a big impact in winning market share.
Therefore, let's see how the Web3 project is able to advance in Latin America by expanding local payment options.
Understand local payment preferences
Allow payments using digital wallets, cash vouchers, local debit networks, bank transfers and open invoices in transactions in stores including online.
Without the smoothness of local payments, Web3 businesses cannot access different markets around the world.
Getting international customers to accept local payments is not easy as each region subscribes to different payment options and regulatory requirements.
Brazil is the fastest growing country in the Web3 project because its people are accepting digital transactions faster than other countries.
Brazil uses the PIX national instant payment solution implemented by the Brazilian Central bank in 2020.
Mexican department store OXXO launched a voucher-based banking application that allows users to pay its utility bills online purchases that now have more than 1.6 million users.
Accordingly, a Web3 company that wants to attract the attention of the public must create a way to connect with local banks and comply with local regulations.
Create trust and loyalty
Latin America created deep trust in its people because the centralized system had failed it.
Create integration with all currencies to enter new markets effectively.
This results in increased users and higher success rates as it builds loyalty and trust with the local audience.
Improve user experience
Consumers look for fast and reliable transactions in their preferred payment method
Simplify the onboarding process and provide exceptional customer support.
Informing users every step of the way so they can be sure their payment processing is flawless.
Deepening infrastructure integration around the world will change the way individuals socialize, transact and use data.
