Opportunities in cross-border payments for small businesses

 Today, businesses aren't confined to operating within a single country. With the rise of global trade and e-commerce, businesses are increasingly conducting transactions across borders and expanding their reach. According to a study, global cross-border payments will reach to whopping $290 trillion by 2030.


Furthermore, global migration and the post-pandemic resurgence in trade have increased the demand for efficient cross-border payments. According to the World Bank, SMBs are vital to the global economy, representing nearly 90% of businesses and over 50% of employment worldwide. 

As per research, the cross-border business payments market offers a nearly $6 trillion opportunity, which could benefit over 80 million underserved SMBs.


Let's learn about the opportunities for cross-border payments for small businesses. 

The Growing Need for Cross-Border Payments

As the world becomes increasingly interconnected, small and midsize businesses are engaging more in international trade. In 2020, 43% of SMBs reported conducting international business, which is a notable rise from 34% in 2019.


This shows the expanding role of SMBs in global trade. Research shows that B2B cross-border payments will increase by 30%, reaching $35 trillion by 2022. Significant growth offers both opportunities and challenges for small businesses.

Opportunities in Cross-border Payment for Small Businesses

1. Wide Market Reach

By using cross-border payments small businesses can transact globally without stressing over geographical limitations. 


This approach helps them:


This broader reach enhances your business opportunities and supports your overall expansion efforts.

2. Gaining Competitive Edge

Cross border payment solutions provide features like competitive exchange rates, secure fund transfers, and efficient and fast international payment methods for small businesses. These timely and dependable transactions build trust and strengthen your business connections. 


Using reliable cross-border payment solution, you can benefit from:


Read more :- Proven strategies to reduce remittance costs for providers and customers

3. Diversification of Revenue Streams

When your small business expands into international markets, you can benefit from:

4. Reduce Transaction Costs

As we all know, traditional international payment methods can be expensive with high fees and poor exchange rates. 


This will ultimately cut your profits. Using International remittance software  can benefit your business from:


This helps your global business optimize financial resources and enhance its purchasing power in different markets. 

5. Streamlined Operations

Cross-border payments simplify international transactions, improving financial visibility and efficiency. 


This helps small businesses:

6. Leverage Technology

Advanced cross-border payments are leveraging technology to provide seamless and efficient services. For instance, cloud-based enterprise resource planning (ERP) tools, offer near real-time views of a business's financial status. 


This will enable small businesses to:

7. High Adherence to Compliance and Regulatory Standards

Compliance with regulatory standards is critical. Small as well mid-size businesses must adhere to a complex web of laws and guidelines that vary by country, including:


Cross-border payment solutions can automate compliance checks and stay updated with protocols, helping small businesses remain compliant across different regions. Cross-border payment platforms can relieve significant operational burden of your business, allowing you to focus on core business activities.

Features of an Effective Cross-border Payment Solution

An effective cross-border payment solution should be fast, simple, and efficient, similar to local bank transfers. 


It should offer :

In a Nutshell

Cross-border payments offer numerous opportunities to expand your reach and enhance your operations. By utilizing new technologies and staying updated on the latest trends, you can leverage these opportunities and thrive in the global market


DigipayGuru, a leading mobile eWallet solution provider, offers the best white-label digital wallet software solutions for banks, telcos, and financial institutions. Our cutting-edge technology empowers you to deliver secure, user-friendly, and efficient digital wallets. Enhance customer satisfaction with real-time transaction alerts, advanced security features, and a seamless interface. Customize our scalable solutions to reflect your brand identity and drive higher engagement and retention. Transform your financial services and elevate customer experience with DigipayGuru. Contact us today to revolutionize your digital offerings.

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