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Cross-border payments boosted the demand for multi-currency digital wallet solution

Cross-border payments boosted the demand for multi-currency digital wallet solution

Cross-border payments boosted the demand for multi-currency digital wallet solution

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With the increasing challenges faced by the small and medium enterprises (SMEs) to make payments across multiple currencies, business-to-business (B2B) payments platforms and currency exchange marketplace are launching multi-currency digital wallet solutions for their customers. For instance,

  • B2B cross-border foreign exchange and payments provider, Verto partnered with payments specialist, Acquired in February 2022. Through the partnership, Verto and Acquired will offer instant top-up payments and payment collections globally through a combined e-commerce top-up and pay-by-link functionality.

Through this deal, Verto will enable its clients to top up their digital wallets and multi-currency accounts via card payments as well as allow them to collect payments in different currencies. Additionally, this solution would enable the suppliers of the SMEs not only to manage their payments more efficiently but also reduce losses in profitability.

Notably, the company is entering the payments space with this solution, especially in emerging markets where cross-border payments are particularly difficult. Moreover, the London-based company introduced its enterprise application programming interface (API) product enabling tech-savvy businesses in an emerging market to deal in illiquid currencies, thereby solving their cross-border payments needs. In other words, SMEs will be able to make wallet-to-wallet transfers that can take place between businesses using the Verto platform.

The company, which facilitates payments for banks and businesses in multiple currencies, has onboarded about 2,000 businesses worldwide and will launch its Corporate Card product in 2022. Also, the company is planning to bring a buy now, pay later product for smaller remittance players who can’t pay out instantly due to a lack of credit in the currency that they’re delivering into. Consequently, with this innovative product, Verto is likely to capture a significant market share over the next four to eight quarters.

With the growing demand for innovative financial services among consumers, banks are partnering up with innovative payment providers to launch multi-currency digital wallets for their customers. For instance,

  • In February 2022, Brazil-based Banco Itaú International entered into a partnership with United States-based pay tech, Rêv to introduce a multi-currency digital wallet for its international customers. Through the invite-only Itaú Global Wallet developed by Rêv, customers can transfer funds to their global wallet instantly, which is also linked to a personalized Mastercard debit card. The program also provides the customer access to a virtual Mastercard card for online shopping, as well as real-time exchange features across seven currencies. Notably, the Itaú Global Wallet Mastercard(s) can also be added to Apple, Samsung, and Google mobile wallets.

Itaú, which is one of the largest banks in Latin America and the seventh-largest bank in the world, is likely to attract more customers worldwide through the Itaú Global Wallet product that will help it keep it focused on delivering as per customer’s financial services expectations.

To know more and gain a deeper understanding of the global prepaid card market, click here.

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