Today In Data

The Impact Of Payments Innovation On SMBs, App Users

Impact Of Payments Innovation On SMBs, App Users

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.

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.

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