INSIGHTS - BLOG

Whitepaper: the evolving landscape of cross-border payments

22 May, 2019

2019 is shaping up to be an interesting year in many aspects.

The combination of regulatory changes, adoption of new technologies and increased flow of new entrants are influencing the habits and processes of businesses and consumers worldwide. Driven by increased globalism and access for both consumers and businesses alike to engage in international trade, this has forced some to adapt to change and spurred others to drive it.

The changes in consumer expectations have driven an emergence of new payments providers and the evolution of current ones. Whether harnessing existing technology in innovative ways or developing new technology altogether to gain a competitive edge, businesses are eager to satisfy the adapting needs of consumers and client alike. The use of technology such as QR codes and facial recognition in order to enhance the payments experience has provided a platform for providers like WeChat and Alipay to revolutionise payments in Asia. The rise of tech organisations outside financial services turning their hand to payments using their existing customer-experience ethos, mass market reach and technology, has enabled them to attract a share of a lucrative industry outside their usual remit - further exemplifying the opportunity at hand.

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