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This Is How Americans Send Billions of Dollars Abroad Every Year
- Americans send $93 billion annually to recipients in foreign countries using digital wallets, according to recent data.
- Over 60% of U.S. consumers use digital wallets for cross-border payments, showcasing its mainstream acceptance.
- Demographically, millennials and Generation X in the U.S. lead in digital wallet adoption for international transactions.
- Income levels have a minor influence on digital wallet usage, appealing to various financial brackets.
- More than 60% of U.S. consumers are highly familiar with using digital wallets for international payments.
- A smaller percentage of U.S. businesses utilize digital wallets for cross-border transactions despite the benefits.
- Concerns such as lack of industry status and security hinder business adoption of digital wallets.
- Faster transaction speed is a key driver for consumers and businesses to consider using digital wallets for global payments.
- Enhancing security measures and addressing industry standards are vital to maximize digital wallet potential for U.S. businesses.
- U.S. presents a mix of adoption and barriers for digital wallets in cross-border payments, emphasizing the need for industry improvements.
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