Unlock cross-border savings with a multicurrency digital wallet

The payments industry is unrecognisable compared with 2020, mainly due to the Covid-19 pandemic providing the impetus for a shift in consumer spending behaviour. Thanks to this change in demand, there’s been an uptick in technical advancements and a wider adoption of digital payment methods. Perhaps the most prominent of these are digital wallets, which are fast emerging as a strong disruptor of traditional forms of consumer payments.

 

As consumers continued to stay at home, shop online and use contactless methods of payment when shopping in physical stores, digital wallet usage accounted for 49 per cent of global e-commerce spending in 2021 (just over £2.6 trillion). And it’s a trend that’s only expected to increase dramatically in the next four years: it’s predicted that more than 5.2 billion people will be using digital wallets by 2026, pushing the market value to a staggering $12 trillion.

 

Experts say this growth will be a direct result of digital wallets offering a superior checkout solution for consumers, their flexibility in underlying payment methods, their significant role in e-commerce marketplace ecosystems and the fact that they can be consolidated into regional and global “super apps”.

 

What exactly are digital wallets?

 

In short, they are a convenient way to pay. Instead of having to carry and use cash or physical cards when making a purchase, a digital wallet (or e-wallet) is an electronic device, online service or piece of software that enables you to make safe transactions online, in apps and in-store. Some ATMs have even started accepting them as a means to withdraw money.

 

Like a physical wallet that stores your cash and different cards, a digital wallet can hold your personal information, credit and debit cards, as well as items such as airline boarding passes, concert tickets and gift cards. It can also connect straight to your bank account.

 

A multicurrency digital wallet essentially works in the same way as a digital wallet, in the sense that it allows you to perform a range of functions across a single platform. A distinct bonus, however, is that it also allows your business to pay, receive and hold multiple currencies in a single digital wallet without having to maintain separate accounts for each currency.

 

The benefits are endless

 

Easy to set up, multicurrency digital wallets are an ideal tool for any business dealing with international transactions regularly. By facilitating cross-border payments and foreign exchange, they bypass correspondent bank fees and hidden rate spreads, enabling you to make regular money transfers across borders seamlessly without long wait times.

 

Multicurrency digital wallets can also help you better manage your company’s cash flow. By being able to monitor and maintain a single account for different currencies on one platform, your team can better track, manage and reconcile each transaction.

 

As the world continues to adopt digitalisation as the new norm and cross-border commerce continues to accelerate, more forward-thinking businesses will rely on digital forms of payment to manage their finances across borders.

 

Cross-border payments platforms such as Currenxie offer businesses such as yours a multicurrency digital wallet, the Global Account.

 

Free to open and maintain, the Currenxie Global Account gives you access to the world’s largest network of virtual bank accounts, with payments in more than 100 countries in 16 currencies, and payouts in 21 currencies – all at the mid-market exchange rate (like the one you see on Google).

 

Keep more of your profits when you save up to 5% on cross-border transfers and up to 8x on foreign exchange. Collect and pay in local currencies and convert funds on your own terms.

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Find out more about what Currenxie can do for your business here: www.currenxie.com.