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A new report warns that fragmented global payment systems are driving financial exclusion and imposing a “friction tax” of high fees and delays on the world’s most vulnerable people.

The Thunes Cross-border Payments Interoperability Index, produced in conjunction with Juniper Research, found that 33% of remittance recipients struggle to pay for food, rent, or utilities because essential funds are trapped in fragmented systems. The delays translate directly into financial stress, instability, and missed opportunities.

Based on a survey of more than 6,500 people across ten major markets, the research points to a structural “fragmentation deadlock” at the heart of the global economy. While domestic payment systems have become instant, cross-border networks have failed to keep pace.

The consequences of this situation include 82% of remittance recipients reporting at least one issue, ranging from missed bills to stress or lost work opportunities due to delays, fees, or uncertainty. The report also highlights the mental health impact, with 42% of users experiencing stress or anxiety linked to the lack of transparency and speed in transactions. Younger users were most affected by unclear remittance costs.

“The industry must prioritise ending this fragmentation deadlock in line with the G20’s remittance cost goals,” said Chloe Mayenobe, Deputy CEO at Thunes.

The survey, conducted in April 2026, captured views from users and non-users of international money transfer services across markets including the United States, Brazil, China, and Nigeria.

Alongside the survey, the Payments Interoperability Index was developed to assess how easily payments can be made across borders. It evaluates markets across five dimensions, using indicators from established sources such as the World Bank Global Findex Database 2025 and the World Bank’s SmaRT remittance cost tracker, which monitors the cost of sending $200 internationally.