APAC businesses seek faster cross-border payment options

Morph has published a survey on cross-border payments among businesses in five Asia-Pacific markets, finding that 94% of respondents want an alternative payment option.

The research covered 150 independent operators, freelancers, solo consultants and business decision-makers involved in cross-border payments in Singapore, Hong Kong, the Philippines, Indonesia and Vietnam.

Delays in receiving funds remained a common problem after an international payment was sent. Some 83% of respondents said they wait at least two business days for international invoice payments to reach their local business bank accounts.

Costs were another concern. Some 65% said they lose at least 3% of international earnings to fees and foreign exchange, while 79% identified transaction fees and FX markups as a problem in cross-border payments.

Businesses also pointed to uncertainty over when money would arrive. According to the findings, 68% said slow processing had made it harder to manage incoming money, and 66% said they struggled to predict when a cross-border payment would arrive.

Stablecoin gap

The report examined whether stablecoins could serve as a complementary payment rail for businesses facing those frictions. While interest appeared high, current use remained limited.

Among 149 respondents familiar with stablecoins, 38% said they were actively evaluating adoption within the next 12 to 24 months, and a further 26% said they might consider it later. Only 15 of those 149 respondents, or 10%, said they currently use stablecoins.

Expectations for wider use were stronger than current adoption levels. Among respondents familiar with stablecoins, 78% thought stablecoins or programmable tokenised cash were at least somewhat likely to become a standard checkout or payout option in their industry within three years, with 44% saying this was absolutely or very likely.

Morph said the responses suggest adoption will depend less on awareness than on how well payment providers address routine operational concerns. Among 126 respondents asked about confidence in adopting stablecoins, 96% said regulatory compliance would have a very high impact on their decision.

Other practical issues also ranked highly. Instant conversion and withdrawal into a local bank account was rated as having a very high impact by 74% of respondents, while 71% said the same of direct 1:1 parity with local fiat currency.

Market differences

The findings also pointed to differences across the five markets rather than a single regional pattern. Businesses in Singapore focused on transparency and implementation, while respondents in Hong Kong highlighted continuity and parity.

In the Philippines, the emphasis was on usable local liquidity. In Indonesia, the main concerns were measurable savings and trust, while businesses in Vietnam prioritised compliance and reliability.

The survey also explored what respondents expect from stablecoin-based payment options. Among 123 respondents using or considering them, 88% said they expected lower FX markups, hidden fees and other cost leakage.

The same proportion expected faster access to capital at all hours, while 87% expected better real-time payment tracking. Any move from interest to regular use will depend on whether those outcomes are achieved in practice.

"What stands out is not an appetite for a new asset. It is a demand for fewer surprises between a payment being sent and the money becoming usable. Stablecoins will earn a place in business payments only when providers can prove the delivered cost, make conversion into local currency routine, and give finance teams the visibility and records they already expect. The technology matters; the operating experience decides adoption," said Renna Ba, Director of Operations at Morph.

The survey was carried out with Studio by Informa TechTarget. Country sample sizes were 30 in Singapore, 29 in Hong Kong, 30 in the Philippines, 30 in Indonesia and 31 in Vietnam. The results were self-reported, and country comparisons were described as directional.