What are the top problems of today’s payments systems?
Answer by George Koo:
One problem we face with one of our ecommerce sites is the lack of Latin American payment platforms that accept multicurrency. This region's ecommerce is dominated by Mercado Libre and their payment solution Mercado Pago. However their service is awful, they don't even provide phone support and payments get rejected often and sometimes money gets stock somewhere between buyer and seller…
PayPal is not supported in some Latin American countries and the people don't use it or know about it.
On the other side I'm very happy with the payment solution offered by the chinese group Alibaba, Alipay. Has low process fees, easy to use and secure for sellers. It works as a bank transfer because it doesn't accept charge backs unless you are using it to pay something through their ecommerce site Taobao.
I wish more payment systems learn from Alipay…
Note: I'm not affiliated to any of the companies mentioned above, is just my personal experience.