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.
Throughout the years, we have witnessed the growing popularity of eCommerce around the world, all despite economic fluctuations and global uncertainties. This trend affirms resilience as one of the sector’s key characteristics and presents plenty of opportunities to enhance it further through strategic collaborations.
The financial landscape is evolving rapidly, with novel digital payment methods emerging continuously and cash use declining fast. Yet, even among these major shifts, debit and credit cards managed to keep their position at center stage. In fact, in 2022, global card networks facilitated a staggering 624 billion transactions, representing a 7.5% increase from 2021.
India’s United Payment Interface (UPI) is set to connect with the central banks of four forward-looking Asian countries to create an instant cross-border retail payments platform. This initiative is executed under the guidance of the Bank of International Settlements (BIS) as part of Project Nexus - a set of efforts for enhancing cross-border payments.
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