As consumers drive expectations for same-day and immediate electronic payments, it can be downright strange to hear about priorities other than speed.
Yet, that’s the case for the world’s corporate/treasury conglomerates who deal with developing countries, according to Carsten Hils, the global head of the payments division at INTL FCStone. As a company concerned with moving payments internationally for charities and disaster relief operations, they are a great barometer of the situation.
So, what’s more desirable than speed? In countries where banks can shut down unexpectedly and there is political turmoil, they will assure you that security, transparent timetable, and acceptance-by-the-receiver take precedent over “instant payments.”
This is another good example of adoption challenges that accompany any new payment type. Adoption by both parties cannot be taken for granted. Until then, corporate checks will still be an important economic driver for corporate clients and carry high dollar-valued payments in a “physical form.”
For more on this fascinating differentiation between the developing world and first world countries, read the article at Pymnts.com.