Strategic Payments Platforms and Infrastructure
March 13, 2025
TerraPay, a global money movement company, and PYMNTS, a global leader in payments and fintech insights, have released a detailed report on the future of cross-border payments. The findings emphasise how digital wallets are revolutionising global transactions—unlocking opportunities for both consumers and businesses while paving the way for a more efficient, interconnected financial ecosystem.
While digital wallets are rapidly growing in popularity, there are still key areas to address to ensure a seamless experience across borders. The report highlights how interoperability and B2B adoption will play a crucial role in the industry’s next phase of growth.
Digital wallets are on the brink of widespread adoption, with 49% of consumers who do not yet use them for cross-border payments expressing readiness to start. As the financial ecosystem continues to evolve, outdated systems are struggling to keep up with growing demand.
While digital wallets have been transforming peer-to-peer (P2P) transactions, B2B payments remain a largely underdeveloped area. However, there is significant potential—only 35% of U.S. financial institutions and 44% of U.K. financial institutions currently support wallet-based B2B payments, indicating vast untapped opportunities for growth.
A total of 68% of financial institutions cite transaction speed as a key driver for enabling wallets in cross-border payments. As the industry continues to prioritise faster, more convenient payment methods, wallet adoption will be essential to keeping pace with demand.
While wallets are widely embraced, they must function seamlessly across borders to avoid friction. The solution lies in a commitment to collaboration and partnerships, ensuring users can experience smooth, uninterrupted cross-border transactions.
The payments industry stands at an exciting juncture with a bright future ahead. TerraPay and PYMNTS highlight that the next step in advancing cross-border payments lies in embracing interoperability and strategic collaborations. By focusing on shared standards, improved compliance measures, and B2B solutions, the industry can unlock new opportunities for frictionless global payments.
To achieve a seamless global payments future, the focus should be on strengthening wallet-based solutions and ensuring they are safe, secure, and compliant. The journey towards enhanced interoperability will unlock a wealth of new possibilities for businesses and consumers alike. Key actions include:
The future of cross-border payments is bright, and with the right focus on interoperability and collaboration, digital wallets will play a central role in making global transactions faster, easier, and more secure for everyone.
For more details, access the full report here: TerraPay Report
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