Today’s economy is global and constantly connected. Consumers digitally cross borders to shop for their favorite products and brands when they want and for what they want to pay. They use a variety of devices, increasing the importance of payments systems that can handle the worldwide traffic.
According to a January 2022 study by PYMNTS.com, three out of four online consumers have shopped with retailers outside their home countries in the past year. The PYMNTS.com study showed the value of global cross-border retail payments is predicted to reach $3.56 trillion by the end of 2022.2
This trend is a huge opportunity for merchants providing they can develop a global payments strategy that keeps costs low, minimizes fraud and creates a frictionless buying experience for customers — no matter their latitude, longitude, or local currency.