India solved instant payments at home. Can it do the same across borders?
By Akash Arun, Founder & CEO, Glomo
India has changed what people expect from payments. A domestic transaction today can be completed in seconds. You scan, authenticate and move on. The process is fast, visible and largely predictable.
The experience can be very different when money crosses a border.
An international payment may still involve multiple institutions, documentation, foreign exchange conversion, intermediary charges and reconciliation. The sender may not always know exactly when the beneficiary will receive the money, what the final amount will be after charges, or where the transaction is if it gets delayed.
This is the gap the payments industry now needs to address.
India has shown that payment infrastructure can work at massive scale without making the user-experience complicated. But cross-border payments are a harder problem because they operate across different regulatory, legal and monetary systems.
A transaction moving between two countries may involve different compliance...
Copyright of this story solely belongs to www.expresscomputer.in. To see the full text click HERE
