Challenges Facing the Cross-Border Payments Market
- Currency Exchange: Currency exchange rates and fees can significantly impact the cost and efficiency of cross-border payments.
- Regulatory Complexity: Different countries have varying regulatory frameworks for cross-border payments, which can create compliance challenges.
- Security Risks: Cyber threats, such as fraud and data breaches, pose significant risks to cross-border payments.
- High Transaction Costs: Traditional cross-border payment methods can involve high fees and processing times.
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