Thunes and Juniper Research have launched an index revealing cross-border payment fragmentation worldwide.
Benchmarking 50 countries, the report found domestic payment systems faster than the cross-border networks connecting them. According to the study, over one billion people still wait days for international funds to arrive, even though 50% of recipients rank speed as their top priority.
Europe ranks highest overall, holding 16 of the top 20 positions, supported by the SEPA network, which settles cross-border euro transfers within ten seconds. This efficiency remains largely confined to the Eurozone. The US ranks 21st, and, despite hosting many cross-border payment companies, this reflects an adaptability gap tied to a distributed banking network slowing integration with global real-time rails. Brazil's PIX instant payment system has strong domestic adoption, yet strict currency controls mean 42% of international recipients still face multi-day delays.
Furthermore, Singapore ranks second in Asia Pacific, supported by direct bilateral payment links, though it scores lower on broader cross-border connectivity. India and China rank lower still, as their domestic systems remain inward-focused, leaving 46% of Indian and 30% of Chinese recipients waiting days for funds from abroad. Mobile wallet adoption across East, South, and Southeast Asia remains siloed rather than interoperable internationally.
The UAE and Saudi Arabia have advanced payment infrastructure, yet 72% of Saudi citizens use cash at least weekly, limiting the scale of digital cross-border transfers. In Africa, the development of mobile money in Kenya and digital assets in Nigeria continues, though lower rankings reflect international banks scaling back correspondent banking relationships in these corridors.
Mobile wallets lead, stablecoin awareness lags
Mobile wallets and payment apps are now the dominant channel for international money transfers, used by 48% of participants worldwide. Wallets also serve as a first formal financial account for many: 30% of users in India, 26% in South Africa, and 25% in the Philippines named a mobile wallet as such, with 26% citing ease of sign-up. Banks, meanwhile, remain deeply embedded in settlement infrastructure.
Globally, 11% of respondents typically use cryptocurrency platforms for international transfers. Among non-users, scam risk (25%) and satisfaction with existing payment methods (23%) were cited as the main barriers. In Nigeria, 40% reported sending money across borders using cryptocurrency, and only 19% said they had never heard of stablecoins, against a global average of 38%. At the same time, in Europe, by contrast, 59% had never heard of stablecoins, and only 8% reported usage, despite the region's Markets in Crypto Assets Regulation (MiCA), designed to bring clarity and consumer protection to digital assets.
Mathieu Limousi, Chief Marketing Officer at Thunes, said the findings point to a structural disconnect between fast domestic systems and fragmented international links, with mobile wallets, digital assets, and banks scaling individually rather than connecting with each other. Furthermore, Nick Maynard, Vice President of Research at Juniper Research, said cross-border friction has become a global interoperability issue, as domestic infrastructure reaches real-time speeds while system links remain fragmented, even in technologically advanced markets.
