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Fintech Shapes the Cross-border Payment

Technology has long served as the engine for economy and society, especially shaping the industry of cross-border payment. It’s the customer rather than the provider that defines the future trend of cross-border payments. And rapid fintech development enables faster, safer and cheaper international payments.

Currently, old technologies such as SWIFT (Society for Worldwide Interbank Financial Telecommunications) still dominate the cross-border industry. As the current industry standard, SWIFT provides a safe and standardized network for international financial institutions to send and receive transaction information. However, SWIFT can only transfer financial messages without actual fund transfer and clearing. In addition, the slow transfer speeds and high transaction fees are the main disadvantages.

Founded in 1998, PayPal uses a digital layer to enable seamless Automated Clearing House (ACH) transfers between bank accounts and gradually became the leader of online payments. But it’s more like an electronic equivalent of traditional papers accelerated by new technology without disrupting the fundamental business logic.

In the past few years, new competitors like Ripple and World Wire disrupt the industry with modern technology such as blockchain, cryptocurrency, etc. With the goal of replacing the old SWIFT system, Ripple committees to establish its own digital asset XRP to provide faster and lower-cost global payments.

It’s no doubt that the combination of finance and technology will shape the cross-border industry based on the requirements of client needs: seamless, transparent, quick and low-cost international payments.

In the future, there will be more cross-border payments driven by retail remittances and global e-commerce. According to the “Mapping China’s middle class” , China urban upper middle-class population will be more than quadruple from 2012 to 2022 with seven times personal consumption increasing. And due to the lower-cost transport and safer transaction, small-item purchases with high frequency from both big corporates and SMEs will increase. 

As a UK-based cross-border provider, Globepay is always dedicating to apply new technologies to provide quick, safe, transparent and low-cost payment solutions between China and UK. We are the official partner of Alipay, WeChat Pay and Union Pay. If you would like to know more information, our professional payment and technology teams are always happy to help. 

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