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While vending kiosks held the largest share of the interactive kiosk market in 2021, the market for banking and financial services kiosks is expected to witness the highest growth of the Compounded Annual Rate of Growth (CARG) of 6.3% by 2027. The sector is projected to grow from USD 28.8 billion in 2022 to 39.2 billion by 2027.
As our world becomes increasingly smaller and more accessible, there is an expectation that things move instantaneously. Money transfers are no exception. Unfortunately, cross-border payments are still lagging, mostly due to archaic banking systems and differing laws and regulations between countries. Currently many cross-border transactions are handled through intermediary banks but this is clunky and inefficient. Legacy cross-border payments lack transparency and because nobody owns the cross-border experience there is low transparency, low predictability, and no standardization.