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The current cross-borderpayment system imposes high costs on businesses and economies worldwide, stifling economic potential and limiting financialinclusivity. Any improvement in the efficiency of cross-border transactions would, therefore, lead to considerable benefits for businesses and individuals globally.
PayPal has announced that its disbursement partners can now use PayPal USD (PYUSD) to settle cross-border money transfers via Xoom, its digital remittance platform. Cebuana Lhuillier in the Philippines and Yellow Card in Africa will be the first Xoom partners to integrate PYUSD, enhancing financialinclusion in these regions.
FXC Intelligence, a data platform specializing in the cross-borderpayment and e-commerce sectors, has released its annual Cross-BorderPayments 100 list, highlighting the 100 most influential players in global payments. The company is currently valued at US$5.5 billion, according to CB Insights.
Onafriq , in collaboration with the Pan-African Payment and Settlement System (PAPSS), announced the launch of a new cross-borderpayment service that will initially pilot outbound transactions in Ghana. African borders are starting to matter less; this is Onafriq’s goal.”
Cross-borderpayments are the fundamental infrastructure that facilitates the flow of money within an increasingly interconnected global economy, underpinning commerce between individuals, businesses, and governments worldwide. Similarly, South Korea’s instant RTGS-based systems facilitate secure, fast settlements.
UPI is revolutionising cross-borderpayments, expanding Indias digital payment influence through global integration, regulatory reforms, and strategic partnerships. The introduction of the unified payments interface (UPI) in 2016 marked a transformative shift in India’s digital payments landscape.
The collaboration will advance financialinclusion and contribute to an even more accessible digital economy by facilitating the movement of funds from Jordan to 37 countries. We aim to address existing challenges in cross-borderpayments and seize opportunities through innovative solutions. billion in 2022.
By displaying real-time rates based on what other users are willing to pay, the platform creates a liquid ecosystem, lowers remittance costs, and empowers users to trade confidently, allowing greater financialinclusion. We couldn’t be more excited to support their journey! In 2023, Africa received an estimated $90.2
TransferTo , a Singapore-based global technology group, and Ecobank Group the leading pan-African financial institution, announce a landmark Memorandum of Understanding (MOU), laying the groundwork to transform financial access and cross-borderpayment solutions across Africa.
Tranglo, a leading cross-borderpayment hub, has expanded its footprint in Africa, now supporting payouts in Ethiopia, Kenya, Liberia, Madagascar, Mali, Senegal, and Zambia. High remittance fees have historically hindered financialinclusion in the region. to send USD 200.
Businesses and consumers paying into and out of the Middle East and North Africa (MENA) region will benefit from faster, cheaper and more transparent cross-borderpayments through a public-private collaboration between Mastercard and the Arab Regional Payment System, Buna.
Whether youre paying overseas vendors or remote employees, understanding the true cost of sending international payments is vital to protecting your margins.
Bank Alfalah , a commercial bank in Pakistan with a network of over 1,000 branches, has acquired a stake in Jingle Pay , a UAE-born fintech specialising in cross-border money transfers licensed by the Dubai Financial Services Authority (DFSA). per cent equity in the fintech firm. per cent equity in the fintech firm.
TerraPay is now able to directly support the demand for cross-borderfinancial services throughout Oceania, a crucial and rapidly expanding market, through its licenses as an Independent Remittance Provider (IRP) and a Remittance Network Provider (RNP). Australia is home to over 7.7
Cross-borderpayments in the MENA region have faced challenges such as high costs, slow processing times and limited transparency. The post Mastercard’s Entry into Buna: What It Means for the Future of MENA Cross-BorderPayments appeared first on The Fintech Times.
The Bank’s fintech investment underscores its commitment to driving digital transformation and fostering financialinclusion across key markets. The partnership will create synergies in cross-borderpayments strengthened by shareholder MoneyGram.
Thai regulators approved the first cross-borderpayment solution using stablecoins in October, while the Philippine central bank launched a peso stablecoin pilot earlier this year. Pollak emphasized that stablecoins aim to modernize legacy financial systems rather than replace national currencies.
With access to more than 95 per cent of the worlds banked population, Rajnish Kumar , co-founder and CEO of Instapay Technologies, commented: This collaboration enables us to leverage Mastercards vast global payment network and cross-border transfer expertise.
Airtel Money Africa , Airtel Africa’s mobile money arm, today announced an extended partnership with Africa’s largest mobile money payment service provider (PSP) pawaPay to enable seamless cross-borderpayments for licensed International Money Transfer Operators (IMTOs) across seven key Airtel Africa markets.
Cross-borderpayment hub, Tranglo , has expanded its footprint in Africa, now supporting payouts in Ethiopia, Kenya, Liberia, Madagascar, Mali, Senegal, and Zambia as it continues to aim to boost financialinclusion by providing efficient, affordable cross-borderpayment solutions to the region.
Payments giant Mastercard is joining forces with Ethio Telecom , a telecommunications service provider in Ethiopia, in a move to enhance financialinclusion and wealth creation in East Africa. Mastercard also provides advanced analytics, anti-fraud systems, and digital identity verification to ensure secure payment solutions.
Challenges such as high transaction costs and opaque exchange rates have been prevalent in Africa over the last few years, meaning that establishing strong cross-borderpayment avenues has been tough. African borders are starting to matter less; this is Onafriq ‘s goal.”
Emerging trends such as cross-borderpayment systems and open banking initiatives are breaking down traditional barriers, fostering greater connectivity and efficiency in Asias financial landscape. The shift toward digitised payments brings heightened concerns about cybersecurity, fraud, and regulatory compliance.
James Hurren explores what early CBDC deployments across Asia, the Caribbean, and Europe reveal about usage, adoption, and the future of cross-border digital money. Central bank digital currencies (CBDCs) have rapidly evolved from theoretical concepts into live pilots and national deployments.
PayPal , a global digital payments and commerce platform, today announced a strategic partnership with TerraPay , a leading global money movement company, to enable real-time fund transfers for PayPal customers across the Middle East and Africa. According to Mordor Intelligence, the MENA digital payments market is estimated at $251.34
The report highlights key milestones, insights, and the organizations transition into an independent foundation, further strengthening its ability to drive financialinclusion across the continent.
Cross-BorderPayment Solutions Fintech companies like Payoneer and Flutterwave enable SMEs to handle cross-borderpayments efficiently. For businesses in emerging markets, cross-borderpayment solutions open new growth opportunities by facilitating trade with global customers and suppliers.
These services aim to support businesses of all sizes, particularly small and micro-sized enterprises (SMEs), in their digital transformation and financialinclusion efforts. Alipay+, Ant Internationals cross-borderpayment platform, connects over 90 million merchants in 66 markets to 1.6
Paysend , the global Financial technology company, has teamed up with the world’s largest Spanish-language media network, TelevisaUnivision to launch a new campaign spotlighting the real people who are behind cross-borderpayments — construction workers, small business owners, and everyday families.
The acquisition of the licenses by the newly formed Thunes Financial Services LLC entity, is a strategic differentiator in allowing Thunes to deliver its comprehensive Pay and Accept suite of services directly to corporates, merchants and digital platforms across the U.S.
This presents a significant opportunity for mobile-first financial solutions to bridge the gap in financialinclusion by providing digital banking, payments, and credit access to those traditionally excluded from the formal financial system. trillion business opportunity by 2025.
Adoption Rate : Cryptocurrency payment usage remains niche but is growing, with over 420 million crypto wallet users worldwide in 2023. Cross-Border Appeal : Cryptocurrency payments are especially advantageous for cross-border transactions, with lower fees than traditional international bank transfers.
Thunes has won the Thunes Best Payment Solution Award at the 2025 Asian Banking & Finance Fintech Awards, making its name as a great place to make payments across borders. This award shows how Thunes is becoming more important in building a global payment system that is seamless, scalable, and efficient.
The goal of this partnership between the top Spanish-language media company and the global payments provider is to give people in underserved areas fast, low-cost cross-border money transfers. At the heart of this effort is Paysend’s mission to break geographic, financial, and digital barriers.
Global paytech EBANX , which specialises in payment services for emerging markets, has successfully integrated UPI Autopay, the recurring payments feature of Indias instant payments system, Unified Payments Interface (UPI), into its cross-borderpayments platform.
Onafriq , the African payments gateway, is joining forces with Circle , a stablecoin-focused company and USDC issuer, to transform cross-borderpayments and digital financial services across Africa. “Were not just envisioning the future of payments – were actively building it,” Okoudjou concluded.
Africas digital transformation is underpinned by rapid advancements in internet penetration and financialinclusion, two of the fastest-growing enablers of digital payments across the continent. Scaling remittances and cross-borderpayments Seamless cross-border transactions are essential for Africas economic mobility.
These experts covered some of the industry’s hottest trends and most urging issues, including artificial intelligence (AI), quantum computing, digital assets, next-generation transactions, and financialinclusion. On the international front, cross-borderpayments have presented a different set of challenges.
Indonesia & Vietnam: Gig Workers & Cross-Border Freelancers With a booming gig economy and a young digital workforce, freelancers in Indonesia and Vietnam are increasingly receiving payments in stablecoins from overseas clients via platforms like Deel, Bitwage, or Metamask. Stripe : Acquired Bridge for $1.1B
Post-Independence (1947 - 1990s): Building the Foundation After independence, India focused on strengthening its financial infrastructure and extending banking services. Nationalization of Banks (1969, 1980): A major policy shift aimed at increasing financialinclusion and directing credit to priority sectors.
TerraPay , the cross-borderpayment solution provider, is partnering with Banque du Caire (BDC), one of the largest financial institutions in Egypt, to enhance remittance services across the country.
dLocal , a leading cross-borderpayment platform, and AZA Finance , a prominent fintech company specializing in payments and foreign exchange in Africa, have entered into a strategic partnership that expands the service offering capabilities of both partners through mutual cross selling.
Will Marwick CEO, IFX Payments The Payments Report 2024 highlights the growing impact of digital currencies, particularly stablecoins, as transformative payment solutions. The report notes how stablecoins, supported by regulatory developments, are driving advancements in digital commerce and cross-border transactions.
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