Just imagine living in Turkey and wanting to send money to your relatives across borders in Bulgaria.
Source (2024): https://www.imf.org/en/Blogs/Articles/2024/01/03/how-training-and-advice-can-speed-cross-border-payments-and-cut-costs
Technology Preferences for Cross-Border Payments:
Types of cross border payments
- Business-to-Business (B2B) transactions make up the largest share by far, expected to account for US$150t.
- Consumer-to-Business (C2B) transactions, such as cross border eCommerce and offline tourism spend, are forecast to reach US$2.8t.
- Business-to-Consumer (B2C) transactions, which include wage salaries or interest payments, are expected to amount to US$1.6t in 2022.
- Consumer-to-Consumer (C2C), or remittance payments, contribute the least – expected to reach US$0.8t in 2022.
Source (2022): https://www.ir.com/guides/cross-border-payments