Payment providers are offering alternatives to cumbersome and opaque correspondence banking protocols with cross-border payments. Small to medium-sized businesses (SMBs) are some of the main beneficiaries of these innovations, as they become more inclined to look into global eCommerce to add to their in-store sales. And Square is broadening its platform with its recent purchase of Verse, an app that lets users make instant payments. All this, Today in Data.
69%: Share of companies that use wire transfers for cross-border payments.
$55B: Square’s market capitalization.
45%: Decline in cross-border payments volume in May 2020.
26%: Portion of businesses worried about the data security of cross-border payments.
$1.3B: Volume of direct deposits through Square’s Cash App in the latest quarter.