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Future of Cross Border Payments: 2030 and Beyond

Future of Cross Border Payments: 2030 and Beyond
movin-jain
Movin Jain2 December 2023

The world of cross-border payments is enormous, connecting nations and economies across continents. Countless transactions worth approximately ~$37 trillion flow like waves within this vast ocean annually. That's almost a quarter of the total global GDP! With its value projected to reach ~$60 trillion by 2027, this is only the beginning.

Obstacles like high fees, slow processing times, and complex regulatory requirements are akin to turbulent waves, making the journey difficult for global businesses. As a result, these processes lead to transaction expenses of $120 billion annually due to currency conversion, bank, and other transaction charges. Additionally, frozen funds and delayed settlements cost your business indirectly as they affect your bottom line and contribute to a loss in the time value of money.

Seamless Cross-Border Payments, and an Introduction to Skydo

Envision an international payment gateway where these challenges no longer exist and effortless cross-border payment systems become the norm. The payment system manages your payment process while you grow globally. That’s Skydo.

With Skydo, businesses, especially tech services exporters, can solve many issues and revolutionise their operations in the following ways.

How Skydo helps businesses overcome operational challenges
  • Reduces transactional friction for faster and more efficient business interactions.
  • Transfer funds in real-time, empowering exporters to seize opportunities promptly and keep their operations agile.
  • Easily tap into global markets and cater to customers in different countries.
  • Reduces transaction costs, enabling them to offer more competitive pricing and increase their profit margins.

Back in November 2021, I was expecting my first payment from a new client based out of Canada. I felt frustrated and clueless about the whereabouts of a $7,000 payment from Aidetic's first client in Canada. 

The client had made the payment via SWIFT nine days ago, and I was being chased for a confirmation that the funds had been received. The relationship manager at * bank informed me that the payment had not been 'sighted' yet, leaving me to wait in frustration. These delays and problems were not new to me since I started a technology export business.

Just then, I saw a tweet from Movin, the founder of Skydo, expressing interest in speaking with export business owners in India who were facing challenges in receiving cross-border payments. I immediately wrote to Movin, and we connected over a Zoom call. I discovered that Skydo's product was specifically designed to solve the exact problem I was facing. 

Without hesitation, I signed up as one of their first customers. Shortly after, I obtained virtual accounts in the US, UK, Canada, and Europe. From that point on, I instructed my client to transfer money into these accounts for all future payments. Thanks to Skydo, this aspect of my business has become smooth and seamless.” - Abhishek Agarwalla, Founder, Aidetic.

Opportunities Ahead For India 

India's economic growth and global influence are rapidly expanding, paving the way for highly efficient cross-border payments and exciting new business opportunities. Here are some detailed insights into the new business opportunities that can open up.

  • Efficient cross-border payment systems help Indian export businesses expand their reach, access new markets, and compete globally.
  • A fast and secure foreign payments gateway improves cash flow management, optimises working capital, and fuels growth initiatives for sustainable expansion and innovation.
  • Efficient cross-border payments strengthen relationships with customers and exporters. On-time payments show reliability and commitment, prompting exporters to offer better terms. 
  • Improved cash flow also allows flexible customer payment options for increasing satisfaction and loyalty.
  • Build trust, streamline processes, and establish partnerships, driving growth and innovation.
  •  Ensures compliance with Indian tax laws, avoiding penalties and legal complications and creating a stable and transparent business environment.  
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