Back in chapter 5 I asked where you spend your money? Is it close to home, further away, abroad? We found that money itself does not travel very far. But what about transaction patterns in general? In today’s globalised economy surely money travels between countries much more so than within countries? If the world were flat transactions patterns would be global. In such a world the majority of transactions would be cross-border. The reality, however, is very different. At most 5% of all payments in the world are cross-border, the rest are domestic. Clearly transactions patterns are heavily domestically biased. We really do prefer to stay close to home.
Download chapter 9, The payment world isn’t flat, here.