Brightwell, a cross-border payment solution provider, has released a whitepaper outlining five user preferences and trends shaping the cross-border payments landscape. With the global digital remittance market expected to grow at a CAGR of 15.6% from 2023 to 2030, understanding these trends is crucial for businesses looking to tap into the potential revenue. The three main themes identified in the whitepaper are speed, flexibility, and seamlessness.
The whitepaper emphasizes the evolving attitudes towards remittances and highlights the need for fast and seamless solutions for foreign-born workers to send money to foreign banks. One example is the recent partnership between Brightwell and payments program manager Dash Solutions, which aims to strengthen remittance services and full-time fraud prevention. In today’s consumer-driven world, organizational loyalty is fragile, with 45% of consumers willing to switch brands if their needs are not met. Speed, in particular, is a critical factor, as consumers expect instant payments.
As remote work becomes more prevalent in the wake of the Covid-19 pandemic, flexibility has emerged as a key requirement for businesses to thrive. Organizations must develop payment avenues for both sending remittances to foreign countries and accommodating US citizens living abroad who work remotely in the US. Embracing embedded finance technology can help businesses better understand consumer preferences and tailor their services accordingly.
Read more at The Future of Cross-Border Payments: 5 Must-Know Consumer Trends | The Fintech Times