The GumBallPay payment gateway enables merchants to accept payments from consumer credit cards, helping client businesses to process payments seamlessly and effortlessly and taking the hassle out of payment processing so that business owners can concentrate on running and growing their enterprise.
GumBallPay’s payment processing solution supports 180 countries worldwide today, facilitating payments from all major payment providers including Visa, Mastercard, Discover, Diners, RuPay, and JCB. This article will look at how cross border payment solutions like GumBallPay could have widespread benefits for economies all over the world.
Cross border payments are transactions involving people, companies, settlement institutions or banks operating in two or more countries. Experts predict that by the end of 2022, global cross border payment flows could top $156 trillion.
The cross border payments market has always been marred by inefficiencies and pain points from both a time and cost perspective, resulting in complicated and protracted processing methods and expensive transaction fees.
Global efforts to improve cross border payments strategies are predicted to help businesses enhance their ROI, gaining more control over international payments and payment security. Evolution of the cross border payments market is intrinsically linked to rapidly changing consumer demands, with consumers becoming increasingly aware of the growing choices they have and less willing to pay for costly banking services. In addition, today’s consumers expect the international payments process to be intuitive, fast, and secure.
The global increase in smartphone ownership has provided people all over the world with groundbreaking banking services and ePayment solutions. Over the past few years, mobile wallets have demonstrated significant and steady growth, with worldwide mobile wallet usage in eCommerce predicted to grow to around 52% in 2023 according to Worldpay – a factor that is increasing cross border commerce volumes.
Other factors driving growth of cross border payments include:
- Transmitting funds via international remittances
- Global investment flows and cross border asset management
- Manufacturers expanding their supply chains across borders
- Increasing international eCommerce and trade
According to a report published by the Bank for International Settlements, improving direct access to cross border payment systems could impact long transaction chains, legacy technology, weak competition, and high funding costs, four key issues of concern that are addressed in the ‘G20 cross-border payments programme’.
Broadening access could effectively support greater innovation and competition by reducing barriers to entry and leveling the playing field. More direct access to cross border payment systems also helps to reduce the number of intermediaries, improving processing speeds, lowering transaction costs, and increasing transparency and control over end-to-end processes. Improved remittance services, lower costs, and increased innovation would also lead to greater financial inclusion, enhancing access to financial services and solutions for underserved demographics.
