XRP partners forecast cross-border payments to reach $290 trillion by 2030, up 53% from the current level of $190 trillion.
The global cross-border payments sector is experiencing significant growth.
According to FXC Intelligence, the total value of cross-border payments is currently around US$190 trillion, but is expected to increase by 53% to around US$290 trillion by 2030.
The business-to-business (B2B) cross-border payments sector is also expected to be impressive at US$39.3 trillion, growing by 43% to US$56.1 trillion by 2023, mainly driven by the growth of B2B e-commerce.
With 11 billion tons of goods being transported annually (an average of 1.5 tons per person), companies need to provide faster, more secure and cost-effective payment solutions.
#Ripple partner Tranglo offers enhanced cross-border payment services with broad coverage through Ripple Payments.
As cross-border B2B payments become more prevalent than consumer payments, there is a clear need for greater payment flexibility and transparency.
According to a recent report from Airwallex, payment efficiency remains a major challenge, despite 54% of consumers planning to increase cross-border purchases. Businesses face a number of barriers to cross-border transactions, including high costs associated with currency exchange, taxes and transaction fees, which are particularly challenging for B2B transactions of large amounts.
Timing and predictability are critical, as delays can affect liquidity and disrupt supply chains. In addition, a lack of transparency in payment tracking can complicate transactions and increase the risk of fraud.
To address these challenges, companies need to choose the right payment services partner that can significantly improve efficiency, reduce costs and increase cash flow.
Tranglo Business offers a single collection and disbursement solution for a wide range of transactions, from payments to payments to payments to cash transfers.
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