Identifying and solving key aspects of global payments friction via the 2022 Global Payment Survey
Digital Payment Growth To Be Driven by Customer Experience
Exponential cross-border digital payment growth is driven in large part by customer experience. Multi-currency digital wallets answer the call.
According to CPA Practice Advisor, digital payments have grown by 40% in the past two years to over $6.6 trillion dollars in 2021. Despite any uncertainty in the current financial system, that growth is only expected to increase.
Looking ahead, the payments industry segment will continue to experience both innovation and growth. So much so that PWC in its report, Payments 2025 & Beyond, reflects that Payments industry executives are far more concerned about the impact of technologies as a top concern (35%) than their peers in other segments of the financial services sector as whole (21%). Just behind technology, their top concerns are retaining (30%) and attracting new customers (26%); also far ahead of ther peers (15% retaining and 19% attracting new).
All this suggests we’ll see more innovation and it’s likely that much of it will be focused on payment speed and ease of use all in the name of a better customer experience. And nowhere are payments more challenged when it comes to the customer experience than cross-border payments.
Using multi-currency digital wallets is becoming commonplace, although their use to bypass many of the traditional barriers fo fast, efficient and cost-effective cross-border payments is not as commonplace as one might expect.
The concept is simple and straight-forward: provision both Payers and Payees with digital wallets in as many currencies as they need to transact business. Then use funded Payer wallets to digitally transfer funds to payees wallet-to-wallet (W2W) – instantly. Using W2W transfers bypasses the traditional processes, eliminating unneeded banking and card-processing fees, saving Payers and Payees both time and money.
Funds can be stored in over 40 currencies by either party and converted on the digital wallet payment platform to over 140 currencies at very attractive rates. Thus nearly anyone, anywhere can pay and get paid using the platform easily funding or withdrawing funds directly to/from their local bank. Payees can also elect to receive their withdrawn funds in a variety of other payment formats including Virtual Visa, digital gift cards or direct-to-debit Rapid Bank Transfers for immediate access in their linked checking account.