Description: International transactions refer to payments made between parties in different countries. These transactions are fundamental in global trade, as they enable the buying and selling of goods and services across borders. In an increasingly interconnected world, online payment platforms have greatly facilitated this type of transaction, providing fast and secure solutions for the exchange of money between different currencies and banking systems. The main features of these platforms include currency conversion, security in transfers, and ease of use, making them essential tools for businesses and consumers operating internationally. The relevance of international transactions lies in their ability to drive trade, encourage foreign investment, and facilitate access to global markets, which in turn contributes to the economic growth of the countries involved.
History: International transactions have existed since civilizations began trading with each other, but their modern evolution began in the 20th century with globalization and the development of communication technologies. In the 1970s, the introduction of electronic payment systems and the creation of global communication networks laid the groundwork for the online payment platforms we know today. By the late 1990s, with the rise of the Internet, companies like PayPal emerged, revolutionizing the way international transactions were conducted, allowing users to send and receive money quickly and securely over the web.
Uses: International transactions are primarily used in e-commerce, where consumers can purchase products from companies located in other countries. They are also common in the business sector, where companies make payments to foreign suppliers or receive payments from international customers. Additionally, these transactions are essential for remittances, where migrant workers send money to their families in their home countries. Online payment platforms enable users to carry out these transactions efficiently, managing currency conversion and ensuring the security of transferred funds.
Examples: An example of an international transaction is when a consumer in Spain purchases a product from an online store in the United States and pays through PayPal, which automatically converts euros to dollars. Another case is a company in Mexico making a payment to a supplier in China using TransferWise, which offers lower fees and transparent currency conversion. Remittances sent by workers abroad to their families in their home countries using platforms like Western Union or MoneyGram can also be mentioned.
