Fast domestic payments have changed what people expect from money movement. International transfers are still struggling to keep up.

More than a quarter of cross-border payment recipients typically wait two days or more for money to arrive, while half rank instant transfers as the most important feature of their current provider.

The data comes from Thunes’ first Cross-Border Payments Interoperability Index, created with Juniper Research, covering 50 markets and includes responses from 6,763 consumers in 10 countries.

The narrative that comes through is not that payments innovation has stalled, but that too much of it still sits inside national systems. Once money crosses a border, it has to move through different banks, wallets, payout partners and settlement routes before it reaches the person waiting for it.

Domestic speed, international delays

Real-time payment systems have raised expectations in many markets. In Europe, SEPA has made instant euro transfers familiar. In Brazil, PIX has changed daily payment habits. Across Asia, mobile wallets and super apps have become part of everyday financial life.

But those local gains do not automatically follow money across a border.

The report says delays often appear at the last mile, when a payment needs to be credited to a local bank account, mobile wallet or other recipient account. That is where international providers still have to deal with different local systems, regulations, currencies and payout routes.

Transparency remains an issue too: 41% of people sending international payments are not always shown the final amount upfront.

For users, the problem is not only how long a payment takes. It is also whether they know what will arrive, when it will arrive and what has been taken out along the way.

Wallets take the front end

Mobile wallets and payment apps have overtaken banks as the most common starting point for international transfers.

The report says 47.7% of users sending cross-border payments use a mobile wallet or payment app. Traditional banks are still widely used, but sit behind wallets as a front-end choice.

The front end has moved faster than the plumbing. A customer may start an overseas payment in a wallet or app, but the money still often has to pass through bank accounts, local clearing systems and settlement partners before it reaches the recipient.

Banks therefore remain firmly in the process. They are still central to funding, settlement, compliance and access to existing payment networks, even as customers move towards app-based services.

Gig workers feel the pressure

Gig workers stand out in the data because they use cross-border payments far more often than the wider workforce.

Nearly two-thirds send or receive money internationally, compared with just over a quarter of non-gig workers. They are also more exposed to higher costs, with 41% paying more than 3% in fees when sending an international payment.

Payment problems can also affect their ability to earn. The report says 11% of gig workers have lost or turned down job opportunities because of issues with international payments.

That is because gig work is often international by design. Freelancers, platform workers and online contractors may be paid by overseas clients or platforms, then need to move money quickly into accounts they can actually use. When payments are slow, expensive or unclear, the issue goes beyond a poor customer experience. It can affect cash flow, job choice and income.

Remittance users face the sharpest impact

Delays also have a heavier impact on people who rely on remittances from family or friends.

The Thunes report says 61% of people receiving international payments experienced at least one issue over the past year, such as stress, missed bill payments or short-term borrowing. Among people dependent on remittances, that rose to 83%.

That gives the interoperability debate a more human edge. Faster cross-border payments are often discussed as a market opportunity for banks and fintechs, but for many recipients they are tied to rent, food, bills and family support.

High costs add to the problem. The UN has set a target to reduce remittance costs to below 3% by 2030, but the report says the global average remains above that level.

Stablecoins enter the payments debate

Stablecoins are also part of the report, although not as a simple replacement for existing payment systems.

Their appeal is faster settlement between institutions or payment providers. The harder part is still the last mile: turning stablecoin balances into local currency, bank deposits, mobile wallet funds or cash in a way that works for everyday users.

Usage also varies sharply by market. Nigeria shows stronger awareness and usage of digital assets, while Europe remains more cautious despite its regulatory framework for cryptoassets.

Globally, only 11% of people usually use cryptocurrency platforms to send money internationally. Among non-users, scam risk is the biggest barrier, followed by satisfaction with existing payment methods.

That suggests stablecoins may be more likely to sit behind the scenes in cross-border payment flows, rather than replace the apps and services people already use.

Connecting what already exists

Mathieu Limousi, chief marketing officer at Thunes, said domestic payments have become instant in many markets, but cross-border payments still slow down when money reaches international networks.

“Our Interoperability Index proves that the battleground for global financial inclusion is not about building more infrastructure, it’s about connecting what already exists,” he said.

Nick Maynard, vice president of research at Juniper Research, said the data points to a structural problem in cross-border payments.

“While domestic infrastructure has reached real-time speeds, the international links connecting them remain heavily fragmented,” he said.

The report points to a basic problem: the pieces are there, but they still do not join up well enough across borders.