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What are the main scenarios for cross-border payments?
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Eight out of ten consumers choose to shop through cross-border e-commerce, and 67% of them make cross-border purchases every month. According to the report Global Trends in B2C E-commerce and Online Payment Innovation in 2024, the global B2C e-commerce market is expected to exceed US$8.3 trillion by 2026. Today, it is no longer difficult to find the desired products around the world, but the convenient payment experience still needs to be improved. Consumers are eager to obtain simple, easy-to-use, safe and reliable payment methods to successfully complete every cross-border shopping.
Two out of three people travel internationally, and 52% of them travel more than once a year. According to the 2024 travel trends, the biggest purpose of people traveling is to relax and relieve stress. Therefore, the last thing travelers want to experience is stress or worry when shopping. They need a simple and secure payment method so that they can fully enjoy their travels.
Despite the complex geopolitical situation, the number of international migrants continues to grow, and the cross-border remittance market is expected to exceed US$1 trillion by 2028. This trend has also driven the increasing demand for people to send money to relatives and friends at home. Consumers are in urgent need of a safe and reliable way to transfer money across borders.
I think it is cross-border e-commerce, cross-border travel, and cross-border remittances
