The UK payments landscape has changed dramatically over the last decade and has provided consumers with more choices and flexibility than ever. People can now select the payment method that suits them best, and the systems behind these payments deliver real value to both consumers and businesses.
International trade and finance are both hugely important forces in our increasingly interconnected world, both driven by cross-border payments. Cross-border payments — that is, transactions that take place between two or more countries — form the backbone of today’s global economy, facilitating the exchange of goods, services, and capital internationally.
The metaverse is an immense virtual space populated by various immersive, 3D worlds where users can interact through the use of avatars; the very concept seems to have been taken straight out of a work of science fiction! This is fitting, seeing as the term was itself coined by writer Neal Stephenson in his sci-fi novel Snow Crash.
Despite FinTech having been around for quite some time in one form or another, this technology has proven challenging for regulators to keep on top of. This is not altogether surprising when one considers the incredible rate at which the industry has grown over the last few years; new businesses, new products, and new risks turn up all the time and will likely continue to do so.
As the impact of climate change becomes more and more pronounced, finding sustainable payment solutions for the future has become a marked point of interest in the financial sector. In fact, Environmental, Social, and Governance (ESG) factors have been driving forces behind technological development in recent times. The role of ESG in payments is important, as an ever-greater number of consumers are seeking out low-impact, environment-friendly payment options.
In our increasingly globalised world, cross-border payments — transactions where the sender and the recipient are based in different countries — have become more and more important. Indeed, cross-border payments are essential to the world’s economy, having made it quicker and easier than ever before to move funds between countries.
According to the International Monetary Fund (IMF), 152 nations around the globe can be classified as developing countries. With a collective population of almost 6.9 billion, this means that less than 12% of the global population exists within a developed economy. In other words, there is still plenty of room for improvement.
In 1994, Amsterdam launched an initiative entitled De Digital Stad — The Digital City. Unfortunately, this programme was discontinued in 2004. Even so, it is widely hailed as the beginning of smart cities as we know them today.
The African continent is home to a distinct eCommerce ecosystem that is extremely dynamic, diverse, and forward-looking. It is also an environment that is continuously evolving in response to various internal and external influences, which creates both opportunities and bottlenecks for its key players.
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