Unlocking the Future: Banking on Cross-Border Payment Habits
Consumers are spending more on cross-border transactions than ever before, but what’s really interesting is the frequency. 30% make weekly cross-border e-commerce purchases, 45% send or receive remittances monthly and 66% travel abroad annually.
But consumers don’t yet have a ‘favorite way to pay’. Consumers are using an average of four out of seven different methods, with only 16% using a default payment method. Most of us form habits to make routine decisionmaking easier and quicker, but we found that for crossborder payments this hasn’t yet happened. Although, 66% of consumers want to form habits and 71% want more guidance and education to better understand the best option. It seems no single provider offers what consumers need for cross-border payments, despite almost 80% using a traditional bank.
One thing consumers are clear on is they want a cross-border payment provider that is secure and trustworthy. 90% expect stringent fraud and security measures to be in place, with 75% of Gen Z having halted cross-border payments due to security concerns.
There’s a huge opportunity here for banks and fintechs. Consumers currently have no loyalty and are using multiple providers to get what they need. What they want is more choice, clearer information, and a solution they can trust to be secure and reliable. Whoever cracks this has the chance to attract and retain a significant share of customers’ cross-border payments.
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