New Data: US Businesses Face Cross-Border Payments Paradox Amid Digital Wallet Surge

A surprising divide is emerging as digital wallets cement their status in the United States’ payments ecosystem. While American consumers confidently use these wallets to send and receive money across borders, often at rates that outpace other countries, small to mid-sized businesses (SMBs) are dragging their feet. Many do so due to security concerns, interoperability challenges and the perception that digital wallets aren’t yet the global standard.

This edition of Global Money Movement explores why this adoption gap exists — and what it will take to close it. The report digs deep into the evolving landscape of cross-border payments in the U.S. One particularly unexpected insight: Digital wallet usage is not just a trend for younger or wealthier U.S. consumers. Unlike in other countries, the technology is gaining traction across all income levels and age groups.

Meanwhile, SMBs face a paradox. They recognize the speed and convenience digital wallets offer. However, a lack of confidence in the infrastructure and standards surrounding international financial transactions deters many. The hesitancy has real consequences. In a world moving toward seamless, instant cross-border commerce, not embracing digital wallets could put these businesses at a disadvantage.

“Global Money Movement: U.S. Edition,” a PYMNTS Intelligence and TerraPay collaboration, delves into the landscape of digital wallets for cross-border payments in the U.S. It draws from a survey of 6,465 U.S. consumers and 143 U.S. SMBs.

Inside the data brief:

Discover what’s driving U.S. consumers of all ages and income levels to embrace digital wallets for sending money across borders.

Analyze the key barriers holding U.S. SMBs back from adopting digital wallets — and how these businesses compare to other global markets.

Explore the biggest reasons non-users are considering these wallets in the next year, from transaction speed to security.

Delve into the disconnect between digital wallet familiarity and actual use among merchants.

Download the Data Brief Global Money Movement: U.S. Edition

The data shows a country where consumers are leading the charge toward more agile and inclusive digital payments — and where businesses risk being left behind unless they adapt. With digital wallets already normalized across much of the U.S. consumer landscape, the next wave of innovation will come from resolving the frictions that keep merchants on the sidelines. This report offers a roadmap for getting there.

About “Global Money Movement: U.S. Edition”

“Global Money Movement: U.S. Edition” is based on a survey of 6,465 consumers in the U.S., including 537 who made cross-border payments within the previous 12 months, that was conducted from Sept. 6, 2024, to Oct. 23, 2024. It also draws on a survey conducted between Sept. 4, 2024, and Oct. 14, 2024, of 143 business owners and leaders at SMBs in the U.S. that make cross-border payments. These businesses generated annual revenues of up to $10 million in 2023. The report examines the current landscape for digital wallets in cross-border payments in the U.S.