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Virtual Account Numbers Facilitate International Digital Banking

PYMNTS

To serve eCommerce companies’ needs, as transactions continue to shift online, banking needs to go digital, too. As has been profiled in this space previously, virtual IBANs serve as reference numbers issued by banks. Platforms and single access points help bridge the gap between traditional banks and eCommerce.

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Cross-Border eCommerce Gains Momentum

PYMNTS

This is especially true in eCommerce, where friction points have crystalized around FX rates, accepted payment methods and, of course, fraud. The numbers bear out what seems an inexorable trend, with risks and rewards. Transacting with merchants abroad often requires a great deal of translation for both languages and currencies.

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H&M’s eCommerce Sales Jump Amid Temporary Store Closures

PYMNTS

The retailer’s eCommerce sales, however, jumped by 36 percent in SEK and 32 percent in local currencies, according to an announcement. Sales during the timeframe of June 1-24 of this year dropped by 25 percent in local currencies compared to the same timeframe in the past year.

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IKEA Allows Consumers To Use Time As Currency

PYMNTS

IKEA Dubai is launching a campaign that will let shoppers use their time as currency by showing their Google Maps timeline to checkout workers to show how long it took them to travel to IKEA stores, Forbes reported. The “time currency” prices are reportedly based on the average salary in Dubai.

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Bolt Nets $75 Million In Funding Round For eCommerce Innovation

PYMNTS

While it initially focused on currency in online checkouts, the company has branched out to work on checkout and fraud detection, integrating with companies like Shopify , Magento , BigCommerce , WooCommerce and Salesforce Commerce Cloud , according to the the report. Data from the IBM U.S. billion, the report says.

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In Europe, Building The ‘Bridge’ Between eCommerce Merchants And Traditional Banks

PYMNTS

Lilia Metodieva , managing director at Monneo , told PYMNTS platforms that link solution providers, partners, banks and merchants together can help speed that pivot toward eCommerce with agility as consumer buying patterns remain fluid — and digital. and FX Payments in 134 currencies. But eCommerce, she said, is a different story.

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TRENDING: BigCommerce On How Platforms Solve Big eCommerce Payment Complexities

PYMNTS

However, they also expect to be able to pay using the method of their choosing, and in their local currency. While eCommerce may not be a new phenomenon, online and mobile sales continue to grow on an international scale, particularly in developing regions as internet connectivity and mobile usage improves. About The Tracker.