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The collaboration empowers local licensed institutions and merchants to conduct a wide range of transactions, including B2B, P2P, B2C, and C2Bpayments. These services will support diverse cross-border use cases, including foreign education payments, e-commerce transactions, and local acceptance of gig economy payments.
In the always-on, 24/7/365 economy, payments that circle the globe should conceivably be as simple as those made in a peer-to-peer (P2P) transaction. Well, cross-borderpayments are fraught with friction, especially when it comes to business-to-business, or B2B. The Challenges of Cross-Border . The reality?
Dare Okoudjou, the company’s CEO, recently told PYMNTS why small- and medium-sized businesses are particularly ripe to embrace mobile payments not only to accept funds from consumers but to send and receive payments between each other — even across border. Friction At The Border.
Experiences in other countries will also be discussed, but the focus will be on how real-time payments were pushed (by monetary authorities and participants) into the payments mainstream (e.g., C2B) to better capture the benefits of digital and mobile transacting, and how it's beginning to happen in the U.S.,
The financial messaging service announced in late October that its near-instant, cross-borderpayments proof of concept performed successfully in tests. These payments were typically only processed during work hours, could take days to clear and came with a price tag of up to HK $200 ($25.50 USD) per transaction.
The company is also launching a merchant-facing C2B mobile payments app called Chipper Checkout, which will be a paid app. One of the key features of Chipper Cash is how it handles cross-borderpayments. The company has offices in Ghana and Nairobi, and it’s based in San Francisco. That model is tried and tested.
Beyond C2B, the company continues to grow its B2B business, said Kelly, with new business in Singapore and Hong Kong for virtual cards. Visa Direct, said Kelly, has served B2B and small business transactions with over 700 million transactions in the fiscal first quarter of 2020.
When PYMNTS asked cross-borderpayments experts at the end of last year what they thought the driving trend would be for the industry in 2018, the consensus was all about collaboration , particularly between banks and FinTech firms. “The modern-day client expects a seamless transaction experience,” he said.
Consumers may secure the majority of payments innovation efforts, but when it comes to cross-borderpayments, the opportunity undoubtedly lies in corporate transactions. The next-highest category, consumer-to-business (C2B) cross-borderpayments, paled in comparison at just $54 billion.
The COVID-19 pandemic’s impacts are already being felt across various business sectors, and efforts to reduce its spread are sending ripple effects through supply chains and shifting B2B and consumer-to-business (C2B) payment practices.
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