HOW CAN STELLAR BLOCKCHAIN SIMPLIFY CROSS-BORDER PAYMENTS?
The globalization of business has revolutionized business standards. With the increasing number of businesses and individuals tapping into overseas suppliers, it has also led to a significant shift in the way people do business. This has fueled the rise in cross-border payment. Cross-border payments demand will continue to rise exponentially with the advent of international trade and e-commerce. According to a Forrester study, cross-border eCommerce is expected to span at least 29 countries in Europe, Asia Pacific and Africa by 2022. It is more expensive, more time-consuming, less convenient, cumbersome, and more difficult to send money abroad to relatives, friends, or to pay for goods and/or services. This could be because cross-border payments are more complicated and have more rules and risks than domestic ones. Blockchain has been developed to address these issues. It is a one-stop solution that improves the efficiency of cross-border payment. Stellar, a blockchain platform that al...