What are Global Payments used for?

Could you elaborate on the various purposes for which Global Payments are utilized? Are they primarily designed for cross-border transactions, or do they cater to a broader spectrum of financial needs? Are there specific industries or sectors that rely heavily on Global Payments, and if so, why? Additionally, how do these payments differ from traditional methods in terms of efficiency, cost, and security? It would be insightful to understand the unique advantages and potential drawbacks associated with utilizing Global Payments in today's digital economy.