With technological progress and advances, the world is more connected than ever, increasing cross-border trades in goods, services, technology, people, information etc. For trades, businesses these days are priming themselves for cross-border transactions- being able to sell to anyone anywhere in the world.
In this global economy, making international transactions benefits businesses and consumers. Being open to global trade is why cross-border payment is so essential for financial inclusion and growth.
Improving access to international trade and the global economy for African businesses requires reliable payment infrastructure for cross-border payments-i.e, payments where the sender and beneficiary are based in separate countries.
Cross-border payments pass through different payment methods; bank transfers, credit cards, Domiciliary cards, wire transfers, e-wallets, APIs, payment gateways etc. But despite advancements in payment systems and various methods, cross-border payments still suffer from high transaction costs, slow transaction time, security risk, lack of transparency and difference in payment regulations in several countries.
Fintechs like Fincra have cut out these complexities and risks associated with cross-border payments, delivering your payments in record time with no hidden charges.