Why people would choose a payment provider rather than a bank in cross-border payment?

In recent years, with the increasing number of people living, traveling, working, and attending school abroad, the demand for international remittances is heating up rapidly. According to Illuminera’s China Personal Remittance Market Survey, China’s cross-border remittance market reached US$112.9 billion in 2008, and its foreign exchange payments reached US$42.9 billion, of which the personal remittance market was US$12 billion. 10 years have passed, and the international e-commerce market is expanding day by day. These figures have already made a huge breakthrough.

It can be seen that overseas remittances will become an important people’s lives, and finding a suitable remittance tool to allow funds to arrive in a timely and low-cost manner is presumably everyone’s wish.

Definition of Cross-Border Payments
The Internet has helped global trade grow rapidly over the years; hence, most financial institutions and payment providers have developed to ease cross-border payments. A cross-border payment is a transaction involving money transferred from one country to another. Cross-border payment works through financial institutions that are typically linked to send/receive money. Today, there are numerous websites that provide easier cross-border payment options. Technically, this is one of the best innovations of the Internet because it’s a convenient and low-cost tool to cover people’s important payment needs.

Advantages of Epay Global Remittance Network

1. Blockchain-based technology
   Blockchain technology is known as openness, transparency and fast speed. Epay issued its official stablecoin EpayUSD(EUSD) as a transaction media between remittance institutions. EpayUSD(EUSD) is pegged to US Dollars with a 1:1 ratio.

2. Minimizes overseas transfer fee
   Most transactions made overseas (including money transfers) include whooping fees. Wire transfers overseas through a bank most often incur fees for both the sender and the recipient. Not only does it take longer, but it also costs more because it involves more parties — your local bank, foreign bank, and the wire processing systems of both banks.

3. Broader global reach
   Moving funds has been made easier, hence providing a broader payment reach to/from various countries. In Epay Global Remittance Network, people can remit between HKD, AUD, JPY, VND, TRY, EUR, KRW, USD, NGN, PHP, SGD, PKR, and some other most popular remittance currencies.

4. Faster & simpler payment channel
   The process only takes minutes to execute, and1–2 days to complete.

5. Better exchange rate
   The exchange rate we usually see on the news is typically set by the banks themselves to make money off you. With Epay Global Remittance Network, we give you the real exchange rate without more hidden exchange fee.

Click to here to know more about Epay Global Remittance Network.