What drives success in cross-border payments? Speed and customer experience, according to new report
- A small business owner experiences long transaction times with PayPal, while a customer praises M-PESA for its quick payment processing.
- A report reveals that 72.2% of respondents rank transaction speed as the most important factor in selecting a payment service.
- Countries like the UK, Singapore, and Thailand achieve average transaction speeds of around 0.5 seconds, contrasting with Portugal's delays of 5-10 seconds due to outdated systems.
The emphasis on transaction speed in cross-border payments is crucial for businesses, especially in regions where delays can lead to lost customers. Payment providers must adopt innovative technologies like blockchain and AI to enhance efficiency and meet customer expectations. As the market evolves, those who can streamline processes and provide faster services will likely dominate the industry.
