Understanding Digital Cross Border Payments with Special Emphasis on Australian Foreign Exchange Market

DOI:10.34047/MMR.2020.7202

Abstract

In the globalized financial landscape, digital cross-border payments have become a pivotal aspect of international trade and finance. This study offers a comprehensive exploration of digital cross-border payments, focusing particularly on the Australian foreign exchange (forex) market. By delving into the intricate mechanics of these transactions, the research aims to enhance the understanding of how digital payment systems are reshaping the way businesses and individuals engage in cross-border transactions. The study provides an overview of the Australian forex market, highlighting its significance and dynamics in the context of digital payments. Through a combination of quantitative analysis and case studies, the research uncovers the factors influencing the adoption of digital cross-border payment solutions, ranging from technological innovations to regulatory frameworks. The abstract emphasizes the challenges and opportunities presented by these payment systems, including security concerns, transaction efficiency, and cost-effectiveness. By shedding light on the nuances of digital cross-border payments in the Australian forex market, this study contributes to a broader understanding of the global financial landscape's ongoing transformation. It offers insights that can aid financial institutions, businesses, policymakers, and researchers in navigating the evolving realm of digital finance and international transactions.