Over the last two and a half years, the rise in digital payments infrastructure has empowered individuals, communities, and economies across the world with unexpected resilience. Accelerated by the pandemic, the growing digital adoption is one of the key drivers of reduced remittance costs. Though subtle, the global shift from cash to digital is very real, rapidly changing the story of cross-border remittances. In this paper, we focus on the world’s most valuable sources of remittances to examine the impact of a shift from cash to cashless.
As a growing number of merchants start accepting digital wallets globally, the world of payments is going through a remarkable expansion. Today, mobile wallets are the fastest-growing payment instrument in the world. While in developed markets cards are still more prevalent, in emerging markets like Africa, mobile money wallets are leading the next evolution of the modern digital payments network. In this white paper, we describe the phenomenal momentum behind mobile wallets across the world and explain how to make them work everywhere.
The whitepaper deep dives into the market landscape of the digital payments ecosystem in the African continent and focuses on the ongoing trends, challenges and opportunities in the region. It focuses on how new government policies, regulations & initiatives with consumer behaviour are driving the widespread adoption of digital payments in the continent making it a lucrative market for banking institutions & service providers. Lastly, the whitepaper offers a glimpse of the upcoming trends & future of cashless payments in the continent.
The whitepaper aims to highlight the market landscape of real time cross border payments in the African & Asian market. The paper decodes the role that digital wallets and app-based solutions play in catering to the unbanked and underbanked population by simply expanding their reach and ease of usage. It also emphasizes on how leading banking and finance institutions are leveraging these established payment networks to create a secured & seamless ecosystem for cross-border payments. Additionally, the paper highlights how varied market regulations across regions pose a crucial limitation for real time payments and provides a peek on the future of cross border payments across the globe.