The Faroe Islands are improving their infrastructure for ecommerce with Danish fintech Clearaus and Faroese payment gateway Terminal.fo.
The partners claim ecommerce has “flourished” on the 18 volcanic islands during COVID-10. The islands sit between Iceland and Norway in the North Atlantic Ocean, and has a population of roughly 48,800.
Some 47,600 of this population were internet users in January 2020, according to Datareportal. This means internet penetration in the region is as high as 98%.
Boom in ecommerce
According to Clearhaus and Terminal.fo, the Faroe Islands are “experiencing a boom in the number of online businesses”.
Hence, the firms have teamed together to increase the speed of setting up online stores across the 18 islands.
“In recent months, we have seen a huge Faroese demand for being able to quickly set up an online shop,” says Mourits Clementsen, a sales manager at Terminal.fo.
Whilst the boom echoes a global trend in increased ecommerce sales during the pandemic, online retailers on the Faroe Islands have struggled to set up shop as quickly.
Clearhaus and Terminal.fo say their new partnership makes it possible for Faroese online stores to get up and running in just one-to-three days.
“Speed has suddenly become very important for Faroese webshop owners,” adds Clementsen.
Logistics of the partnership
Clearhaus will be processing Terminal.fo’s acquiring for merchants. This means online merchants on the Faroe Islands can accept payments from Visa and Mastercard in one-to-three days.
Clearhaus is based in Denmark, a country with one of the most active online shopping populations in the world.
“We are looking forward to helping our Nordic friends in the Faroe Islands handle fast payments online,” says Clearhaus CEO, Claus Methmann Christensen.
“Terminal.fo is determined to make payments easier for the Faroese merchants, so I have no doubt that we are a good match,” adds Christensen.
Clearhaus is a European licensed acquirer. It currently serves more than 13,500 online businesses across 33 countries.
via FinTech Futures – https://bit.ly/3eKSDXt