Advancements in Tech Signal a Boom for Cross-Border Payments

CRX_Blog_Cross.Paym.Tech_290616_lrg_v.1.0

As a FinTech company, we are always happy to see market support for the solutions we provide. We are working to make cross-border payments simple, accessible, quick and safe. The growth of technology and its support of global e-commerce has been fantastic, and we believe that digital payments are a great equalizer. It’s now possible for small businesses to compete in the online space among much larger outfits, capitalizing on the use of digital payments that range from credit cards to e-wallet.

The Roots of Cross-Border Payments
The ease with which payments flow among countries and currencies has roots that are 30 years old. In the 1980s, there was an increase in overseas property investments. Though banks were traditionally used for these services, purchasing and maintaining overseas properties “introduced a need for international currency movements between legal practices and highlighted the market opportunity for money services business to provide [them],” explained Andy Brown in a piece for Raconteur. As technologies such as internet use and mobile banking took hold, the need to move payments for goods and services only increased, as did the complications of international payments over domestic ones.

Technology’s Boost
Greater and better internet access and dramatic leaps in mobile phone use have brought with them a new comfort level with online purchasing and banking of all kinds. The opportunity to provide seamless technological support for these mobile payments is a critical piece of the modern shopping experience for both buyers and sellers. A recent addition to the technology being used in payments is Blockchain, a “distributed ledger technology as a secure and transparent way to digitally track the ownership of assets, a move that could speed up transactions and cut costs while lowering the risk of fraud,” according to the Wall Street Journal. This kind of innovation is critical to mobile payments and online currencies such as Bitcoin.

Advancements in Tech Signal a Boom for Cross-Border Payments - pic
Technology is helping make global payments more manageable.

What’s Left to Conquer?
Although mobile technology and the increasing ease of cross-border payments are changing global commerce, challenges remain. We have identified regulatory, cultural and technological issues that prevent a truly free flow of cross-border commerce. Additionally, commerce doesn’t happen in a vacuum; like the rest of the world, we will be closely monitoring the effects – financial and political – of Britain’s recent vote to leave the EU.

We work constantly to bring the seamless digital payment experience to our customers, overcoming challenges on the way! Talk to us about your needs: grow@credorax.com.

  •  
  •  
  •  
  •