In today’s digital economy, the global business partners that are critical to the success of U.S. platform businesses expect payments to keep pace with their lives. The cross-border payments industry has responded in kind by rapidly evolving financial technology. The demand from businesses operating internationally for increased speed, transparency, convenience and security has propelled innovation toward simpler, smoother and more frictionless payment experiences – both for domestic and cross-border payment types.
When it comes to domestic payments, compared with the rest of the world, the U.S. lags behind in digital payments. According to an article in PaymentsSource, economies around the world are rapidly adopting cashless technologies. For example, as far back as 2015, more than half of the Swedish population was using Swish, a mobile payment app that allows safe, free and instant digital transactions. “This trend has also been observed in Kenya, where a mobile transfer service, M-Pesa, is used by more than 30 million people for international transfers, loans and health provision,” PaymentsSource reports.
What does the cashless wave mean for U.S. companies who need to keep pace with the expectations of global partners? It's becoming more important than ever to examine your array of payments offerings, because simply relying on bank wires or paper checks is no longer satisfactory for many global partners, who increasingly are experiencing digital, fast and frictionless payments in their own countries.
The cross-border payments ecosystem has been in flux for some time now, with a wide range of options coming to market, each with their own advantages. What hasn’t been in flux is the undeniable convenience of having funds delivered directly to your bank account in your own currency.
That’s why Transpay’s Local Bank Transfers are a significant solution in enabling the cross-border flow of funds. Transpay’s Local Bank Transfers are an effective payments system that provides a practical option offering the crucial advantages of speed, reduced cost, transparency and reliability, while catering to low-value payments in high volumes.
Ready to hear more about how Transpay can help you evolve your payments options toward a frictionless future? Contact a Local Bank Transfer specialist.