These factors will continue to serve as a catalyst for innovation in global cross-border payments and finally break down financial borders. The complexity of the cross-border payments landscape is determined by various dynamics at multiple levels, driven by emerging technological innovations, shifting regulatory frameworks, accelerating international commerce and changing customer demands. The evolving dynamics of cross-border transactions Given that new consumer habits are set to become preferences that persist long after the pandemic, there’s unprecedented urgency for merchants to be proactive as digital payments usage continues to grow. Overall, digital payments, once a convenience, have become a necessity. ![]() In the Czech Republic, the share of cash on delivery has significantly declined and the expansion of Google Pay and Apple Pay has contributed to the growing popularity of modern forms of payments. In Turkey, zero contact with banknotes became the new normal, and this, in turn, made digital wallets an increasingly popular payment method, leading to a significant decrease in the cash withdrawal rate from ATMs in the country. In South Africa for example, PayU saw an impressive move to mobile payments with up to 85% of transactions completed on a mobile device in 2020, as compared to 50% in 2019. Around the globe, we have seen a continued adoption of mobile payments and this shows no signs of slowing down. ![]() The pandemic sparks boom in digital paymentsĬOVID-19 completely transformed the payments market and has been the catalyst for a seismic acceleration from cash to digital transactions.
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