A recent survey by Thunes and Visa has highlighted the conflicted attitudes among European payment leaders regarding cross-border payment interoperability. Despite confidence in their capabilities, these leaders face significant integration challenges, particularly with the rising popularity of digital wallets.
The Digital Wallet Dilemma
By 2026, 60% of the world’s population is expected to use digital wallets for daily payments. However, despite their growing usage, digital wallets are identified as the most problematic endpoint for cross-border payments. While 97% of survey respondents believe their systems are compatible with international payment methods, nearly 40% reported losing business due to cross-border payment issues.
Key Insights from the Survey:
- Confidence vs. Reality: Although 97% believe in their systems’ compatibility, almost 40% have lost business due to cross-border payment issues.
- Ease of Use: Bank accounts are the easiest for payments, followed by global cards (like Visa), e-wallets (such as PayPal), cash, and local card schemes.
- Integration Barriers: Security concerns, payment tracking, and processing speed are top challenges in integrating different payment systems.
- Future Technologies: AI is expected to enhance payment processes, fraud detection, and customer support. Blockchain and digital currencies are also seen as promising for secure, rapid, and low-cost transactions.
Expert Opinions
Chloé Mayenobe, President and COO at Thunes, remarked, “The research paints a mixed picture. Payment leaders are confident in their capabilities but face significant integration challenges, especially with digital wallets. At Thunes, we address this critical gap by directly integrating with 3 billion digital wallets worldwide.”
Ed Chandler, Head of Money Movement, Europe at Visa, added, “To meet the needs of individuals and businesses, payment interoperability remains a major challenge. Visa aims to enable money movement from any endpoint to any other endpoint, leveraging our scale and partnerships to navigate this evolving ecosystem.”
The Road Ahead
Visa, Thunes, and The Paypers recently released a whitepaper, The Road Ahead: Seamless Payment Interoperability, emphasizing the crucial role of payment interoperability in the digital economy.
The survey, conducted by Savanta, included 233 European payment leaders from financial institutions, banks, fintechs, SaaS, money transfer operators, and payment service providers in the UK, France, Germany, Netherlands, and Spain. The respondents, responsible for their firms’ payment systems, reported an average transaction value of €75k.
For more details on the survey and its implications for the future of cross-border payments, visit Thunes and Visa.
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