Mastercard Move’s Money in Motion five-part series examines the shifting behaviors in global money movement across a variety of regions and use cases. Our new article explores how industry players across the Asia Pacific region can work together to deliver the choice, security and speed that people expect with domestic and cross-border payments. Read more here: https://lnkd.in/eSg8BgdM #digital #moneymovement #payments #MastercardMove
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According to Insider Intelligence Global remittance forecasts, global remittance inflows are set to top $800T. Money transfer operators who lead in secure remittances are more likely to attract and retain customers than industry laggards. At Worldpay, we're privileged to work with a wide range of financial services firms that can facilitate your business growth. If you're looking to expand your remittance reach and are having difficulty accessing a market, then please DM me. We support disbursement to 180 countries with 135 currency options, making it easier for you to expand your business and reach new markets. Let us help YOU achieve YOUR business goals. #remittances #financialservices #globalreach
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Country Head of Global Payments Solutions at HSBC Philippines; Chairman, PESONet ACH Steering Committee; Digital Transformation Advocate; ISO20022 Champion; 27 years in International Banking
Capping my series of posts on Domestic Payments is to articulate the changes that are impacting this space globally. 10-15 years ago, these were happening in pockets, wherein leading markets were making changes in their own, hoping to solve for their own problems in isolation. Today, all these changes are happening in parallel, where leading markets are enjoining others to follow their lead and work faster towards a globally connected ecosystem. Real Time Payments are fast becoming the norm for a dynamic, progressive and resilient economy. Learning from the pandemic, where digital payments have helped sustain economic activity, more and more pre countries have realized the systemic importance of a real time payments system. With payments will come enhanced information, a critical enabler of fast, transparent and accessible payments. The coordinated shift to ISO20022 will help realize the promise of interoperability and transparency. This will also enable cross border connectivity. Open Banking will open the door for more innovation, outside of the banking system and truly deliver inclusive progress and prosperity, especially for a country like The Philippines that still has a long way to go with financial inclusion and digital penetration. Lastly, it is important to spend some time to focus on resiliency, especially in a country where natural calamities can happen any time, and where it is important to protect the supply chain. As countries work towards common goals, I have no doubt that we will see significant changes in domestic payments over the next 5 years, with the help of our stakeholders and everyone in the financial services community. #domesticpayments #globaltrends
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The future of remittances in Latin America: Digitalization, multiple rails, and the strategic role of partnerships via Mastercard X Payments and Commerce Market Intelligence 🌎 Did you know that in 2022, remittances to Latin America reached a staggering💲146B? Discover how digitalisation, multiple rails, and strategic partnerships are reshaping the remittances landscape in Latin America. Uncover a $155B opportunity and learn about the solutions that Mastercard is offering to address industry pain points 👇🏽. 🔑 Key stats from the report: ▪️ Global digital remittances' market share exceeded 50% for the first time in history in 2023. ▪️ Remittances can represent over 30% of the national GDP for impoverished countries. ▪️ The US–Mexico corridor is the world's largest remittance pipeline, with a volume of US$56 billion in 2022. ▪️ Cash still accounts for nearly 50% of global remittances, posing challenges and costs. ▪️ The average cost of sending remittances in 2022 was 6.3%, above the United Nations' target of 3%. Read the full report and unlock the future of remittances in Latin America here ➡️: https://lnkd.in/g5rUw8T6 #fintech #digitalfinance #digitalization #remittances #LatinAmerica
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Swift is advancing its mission on cross-border payments, aiming to meet the G20's goals for improving international payment systems. https://ow.ly/wOzu50QXInY #crossborderpayments #internationalpayments #wirepayments #fintech #forex #currencyexchange #financialinstitutions #banking #g20
Beyond borders: Progressing towards the G20 targets for enhancing cross-border payments | Swift
swift.com
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With a legacy spanning 4 decades, we've connected businesses across 149 countries. Transacting over $44 billion, our dedication has made us a major payment institution in Singapore since 1981. Watch the video to get a glimpse of what we do. #CYSGlobalRemit #globalpayments #businessconnections #remittancesingapore #remittanceservice
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I’m smiling because I’ve got good news to share for your cross border payments; 4 main benefits for you from using Push to Account as a cross-border solution when you make payments with Worldpay. 1) GREATER TRANSPARENCY - Recipient receives the full amount they are owed when payment is sent via a domestic route 2) COVERAGE - Payouts in 135 currencies across 225+ markets, with access to a large network of domestic banking systems 3) SPEED - Unlike traditional international payouts, majority of P2A payouts reach recipients' accounts instantly, the same or next working day 4) LOWER CURRENCY RISK - Fixed currency rates agreed upfront and guaranteed for 24 hours, helping to reduce cashflow pressures In addition to these four main advantages, Push to Account can also lower costs, as we use local domestic bank accounts and local domestic clearing houses to process international payouts. If you’re doing cross border payments any other way then stop and talk to my team!
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For payments, borders don't exist! Fast, secure, and affordable - that's how modern cross-border payments should be. These payment types are now one of the foundations of global trade and service exchange, so it's worth delving into them including exploring their strengths and potential weaknesses. Unfortunately, many of them don't meet mentioned conditions. The threat of cyberattacks and theft remains one of the biggest issues affecting both consumers and companies 💳 As much as 76% of customers reported that due to a delayed transaction, they were left without the means to live 🛒 This is particularly crucial in the context of cross-border payments - everyone can easily imagine a similar situation while traveling or living abroad. That's why so many efforts from ours and other fintechs are aimed at eliminating risks. Remarkable successes have already been achieved in this field, so we look to the future with optimism and hope. An increasing number of SMEs are opting for a global business model. In international collaboration, swift payments are a matter of both brand image and security. That's why this sector is particularly important to us 💡 You can find more information on this topic in the linked article ⬇️ #mastercard #payments #digitalpayments
Mastercard Borderless Payments Report 2023 - Cross Border & Domestic Payments
mastercard.com
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Glad to share that Euromonitor International has published the report “Commercial payments in Asia Pacific and Australasia: Regional Overview”. It is relevant for payment firms, corporate/business banks and enterprises' functions handling B2B payments. “Boosted by fast payment, digital wallets and electronic money orders, electronic payment has been dominating the commercial payment in Asia Pacific and Australasia. With recovery in travel, entertainment and trading after the pandemic, growth of card payment is expected to gain traction, benefiting from partnerships and innovations. 18% of commercial transactions in Asia Pacific and 46% of those in Australasia were still paper payments in 2023, signaling digitalization opportunities. “ Glad co-authoring this report with our global team of experts: Kendrick Sands Vishnu Vardhan Julia Illera Please read more details in the following report: https://lnkd.in/gc7RVcYq Rachel Low Erin Kyunghee Kim Ruge (Victoria) Wei Mila Li #commercialpayment #B2Bpayment #smepayment #corporatebanking #businessbanking
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For payments, borders don't exist! Fast, secure, and affordable - that's how modern cross-border payments should be. These payment types are now one of the foundations of global trade and service exchange, so it's worth delving into them including exploring their strengths and potential weaknesses. Unfortunately, many of them don't meet mentioned conditions. The threat of cyberattacks and theft remains one of the biggest issues affecting both consumers and companies 💳 As much as 76% of customers reported that due to a delayed transaction, they were left without the means to live 🛒 This is particularly crucial in the context of cross-border payments - everyone can easily imagine a similar situation while traveling or living abroad. That's why so many efforts from ours and other fintechs are aimed at eliminating risks. Remarkable successes have already been achieved in this field, so we look to the future with optimism and hope. An increasing number of SMEs are opting for a global business model. In international collaboration, swift payments are a matter of both brand image and security. That's why this sector is particularly important to us 💡 You can find more information on this topic in the linked article ⬇️ #mastercard #payments #digitalpayments
Mastercard Borderless Payments Report 2023 - Cross Border & Domestic Payments
mastercard.com
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As finance grows increasingly digital, governments around the world are putting financial inclusion among the top policy priorities. The Mastercard Policy Center for the Digital Economy has collaborated with the Center for Strategic and International Studies (CSIS) to launch its latest paper 'Uptake, Use, and Inclusion Gains from Fast Payment Systems: Early Comparative Data'. This public panel discussion will present new research exploring the role of digital payments in advancing financial inclusion and the impact of fast payment systems adoption in four countries: India, Brazil, Costa Rica, and Thailand. Register for the panel (live stream and in Washington DC) here: https://lnkd.in/ehpSPPH8 #SpringMeetings24 #financialinclusion #payments
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2moThe Asia Pacific region handles nearly half of the world's $700 billion annual remittance flows. That's FASCINATING! Does anyone know which SaaS platforms in Asia have teamed up with Mastercard to improve cross-border remittance services?