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Small Businesses Skip Digital Wallets for Cross-Border Payments
- Digital wallets are reshaping international money movement as global commerce becomes more digitized.
- Despite 63% of U.S. consumers using digital wallets for cross-border payments, less than half of U.S. small- to medium-sized businesses (SMBs) do the same.
- Reasons for SMB reluctance include the lack of industry standardization, concerns about partner acceptance, security, integration, complexity, and regulatory uncertainty.
- Financial service providers have an opportunity to cater to SMBs by offering streamlined onboarding, compliance clarity, and global interoperability.
- Adopting digital wallets can benefit SMBs through enhanced security, speed, and the advantage of driving usage standards.
- Digital wallets reduce payment processing times, fostering trust and goodwill with international partners.
- Contrary to popular belief, digital wallets are increasingly seen as more secure than traditional payment methods.
- Traceability, real-time tracking, and multi-layer authentication make digital wallets appealing for risk-conscious SMBs.
- SMBs advertising their use of digital wallets signal professionalism and reliability to customers and suppliers.
- Global interoperability is improving rapidly, with platforms like TerraPay connecting digital wallets across over 150 countries.
- Integrating with digital wallets is a form of futureproofing for SMBs in the evolving landscape of global commerce.
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