Cross-Border Payments Poised for Growth, Says Flywire CEO
Payment Week – by Melanie Macinas
Cross-border payments will likely see significant growth and changes this year-and in the coming years as the payment landscape continues to shift, says Mike Massaro, CEO of Flywire.
This shift is attributed to the increasingly global economy, growing concerns over transparency and security, and the popularity of more digital-only channels.
According to Massaro, 2016 will give birth to a new demographic he calls “global citizens”, who are increasingly buying goods and services outside their home countries. This upward trend in cross-border commerce leads to substantial growth in cross-border payments—for education, medical care and real estate among others.
Education and international patient care are the two markets where large cross-border payments will see a boom, he noted.
To those who want to take a share of this growing market, Massaro said there is a need for them to address issues in cross-border payment process.
Global customers will also increasingly prefer digital channels for large cross-border payments as they continue to look for more convenient, cost efficient and transparent payment methods.
Unlike traditional agent-based and bank-based options, web and mobile channels offer customers the ability to track payments immediately and confirm receipt.
There will also be an increased demand for cross-border payments-related support services, Massaro said, highlighting the important role that a 24×7, multi-lingual, omni-channel customer support will play to support the growing sector.
2016 will also see greater emphasis on compliance and transparency due to increasing terror threats, he added.
“Cross-border commerce and money movement is complex but as the world becomes more global, it’s essential that we remove the barriers that exist in traditional channels,” said Massaro. “As we do, the volume of cross-border money movement will grow and open up tremendous opportunities for businesses, institutions and consumers around the world.”← Back to Articles