Félix’s Post

New Mastercard Report Reveals Key Trends & Opportunities to Digitize Remittances in Latin America and the Caribbean Mastercard has released a whitepaper on the state of remittances, also known as cross-border payments, in Latin America. Remittances play a key role in strengthening financial inclusion in the region, boosting economies, and alleviating poverty –often serving as an essential source of income for people in low- and middle-income communities. According to the United Nations, 800 million people worldwide (or about one out 10) live in households that receive international remittances. In Latin America — remittances have grown faster than those at the global level (10% annually since 2014 compared to 4% globally). https://lnkd.in/e6-Tv8Hb #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

Cross-border money movement continues to be such an exciting space to be in. As an industry, we’re still in the early innings of a rapidly evolving sector where digitalization, forward-thinking regulation, and non-traditional players are emerging. In particular, the scale and downstream impact (at the household level) of cross-border remittances is an incredibly important area in payments, public policy, and even politics. I’m delighted to see MoneyGram International's collaboration with Mastercard and my longtime friends Stefany Bello and Lindsay Lehr on this whitepaper ("The future of remittances in Latin America: Digitalization, multiple rails, and the strategic role of partnerships") – it’s a treasure trove of insights. In it, we highlight the work we’re doing in the digital asset space together with Stellar Development Foundation, as well as how we're investing in driving extraordinary digital experiences for our customers. This is an incredible read, very thoughtfully put together: https://lnkd.in/emryTzFD A few points that caught my eye: 1. 30% of children around the world have one parent working abroad to support their family back home. Yes, it’s sad. But it also reinforces that remittances is significantly more than just “sending money”. It truly is a lifeline for millions of people who make one of life's hardest sacrifices. 2. Remittances serve as the “economic fuel” in many countries – in Guatemala, Honduras, and El Salvador they represent 20% or more of total GDP. If remittances fall, there's a direct economic downshift. 3. We’ll continue to see digital share growth of both outbound and inbound remittances into LatAm - inbound estimated at 61% by 2026. Whether to a bank account or wallet, this will only help drive greater digital inclusion which is the on-ramp for broader financial inclusion. We look forward to continuing to collaborate with our partners, our clients, and the broader ecosystem to make sending "dollars wrapped with love" (as my friend Dilip Ratha calls it) more seamless, secure, and efficient. Kiki Del Valle Mauricio Schwartzmann Andrea Scerch Mike Tekulve Luther M. Eduardo Marin Diego Szteinhendler Sydney Schoolfield https://lnkd.in/ezaPBxHU

This @WorldBank article discusses how fast/instant payment systems transform the way people, businesses, and governments make and receive payments in #Africa. This form of payment offers convenient user experiences, lowered costs, and expands the market of providers and promotes #FinancialInclusion on the continent. Read more here: https://ow.ly/unmm30sBrL5

This @WorldBank article discusses how fast/instant payment systems transform the way people, businesses, and governments make and receive payments in #Africa. This form of payment offers convenient user experiences, lowered costs, and expands the market of providers and promotes #FinancialInclusion on the continent. Read more here: https://ow.ly/p65A30sBo8l

This @WorldBank article discusses how fast/instant payment systems transform the way people, businesses, and governments make and receive payments in #Africa. This form of payment offers convenient user experiences, lowered costs, and expands the market of providers and promotes #FinancialInclusion on the continent. Read more here: https://ow.ly/cK2u30sBmam

With peer-to-peer payments rising rapidly across the region, in an ever-evolving remittance landscape, payments businesses must adapt to their clients’ needs. 𝐕𝐢𝐬𝐚 𝐃𝐢𝐫𝐞𝐜𝐭 𝐢𝐬 𝐨𝐧 𝐢𝐭. https://lnkd.in/gFC5PXeF

Real-Time Payments (RTP) have transformed the way people send and receive money in Southeast Asia. According to Visa's Consumer Payment Attitudes Study, some 73% of consumers surveyed in the region stated that they have used RTPs to pay for regular purchases, make donations, pay taxes, and more. But as RTPs continue to scale, the risk of fraud will grow as the instant nature of RTPs become a bigger target for bad actors. In fact, 44% of consumers surveyed in the study cited potential security risks as a limitation or obstacle to greater use. The financial ecosystem can help overcome these roadblocks. Collaboration between RTP operators, governments, and payment networks can enable security solutions, such as Visa Protect for Account-to-Account Payments to be built into RTP networks, helping everyone pay and be paid with peace of mind. Access more insights in our full report: https://vi.sa/3BFndTE

The payment industry in Africa has been transforming recently. From rapid growth in digital payments during the pandemic to establishing intra-African networks for cross-border payments, it is no wonder the likes of Visa and Mastercard have been investing millions in the region. We highlight the recent history and developments of the African cross-border payments in our latest blog, as well as predicting where the market will go next. Read more below. #PaymentsInAfrica #CrossBorder https://lnkd.in/ev9QAXyq

🔍 Mastercard partnered with PCMI Corporation, a payments industry market intelligence firm, to assess remittances in Latin America. These insights from Mastercard shed light on the rapidly evolving world of remittances in Latin America and the Caribbean. 🌐 💵 With digital remittances on the rise, surpassing traditional cash transfers, the region is on the brink of a financial revolution. This transformation is driven by increased mobile penetration, internet access, and efforts to bank the unbanked, presenting a golden opportunity for fintechs in the region. 📲💳 The journey towards digitalisation, however is not without its obstacles. The report highlights key challenges such as the need for greater transparency, trust, and a streamlined user experience. Regulation stands out as a pivotal factor in shaping the future of cross-border payments. ⚖🛠 For our PR clients in the Caribbean this signifies a call to action to lead in addressing these challenges, leveraging technology to empower communities and drive economic growth for a more inclusive digital future. 🤝✨ https://lnkd.in/dgctEEaA #Remittances #DigitalTransformation #EconomicGrowth #TechForGood #EmergingMarkets

#US-based Mastercard has released a #whitepaper on the current status of #crossborder #payments in #LatinAmerica. Curious to discover more? 💸 Read The Paypers: https://bitly.ws/3gJAX #thepaypers #paymentsnews #financialnews #onlinepayments #digitalpayments #digitalisation #remittances