Blogs

Worldwide, as steps are underway to boost financial inclusion, the
measures are benefitting millions of underbanked people. Finally, underserved cohorts are
gaining access to savings accounts, investments, loans, and other financial products. To
achieve an objective based on user convenience, technology is being used to drive
financial inclusion across all geographies, including remote regions.

Contrary to what many people automatically assume, the beginning of any
partner relationship in the payments industry is not only about KYC and compliance.
Although KYC is a cornerstone of our industry, and we won’t survive long if we don’t get
it right, the start of the relationship is much more.

In a global economy, the ability to make borderless payments is
essential for businesses and consumers alike. Moving money successfully across borders
is fundamental to international commerce as it drives and sustains economies in
developed and emerging markets. Cross-border payments are the oil that keeps the
globalization machine going.

Over the last few years, there’s been a lot of buzz around
interoperability. Getting payment products to ‘speak to each other’ or be interoperable
is one of the biggest challenges facing digital payments.

Global payments will continue to grow and evolve as borders become
increasingly irrelevant to consumers, whether you’re in the Business-to-Consumer or
Business-to-Business market. While most people think of e-commerce and online
shopping
in the Business-to-Consumer market as the most relevant, Business-to-Business global
payments have been growing rapidly.

The global digital payments market is evolving rapidly. Africa is
one
of the key regions at the forefront of this evolution with digital payments methods
steadily rising across the region.

The mobile wallet market is slated to increase at a 25% CAGR
between
2022 and 2028. One of the major drivers for this universal rise is the increasing
number
of smartphone users globally. As per Statista, global smartphone subscriptions in
2022
have already *surpassed six billion, with the highest number of subscribers in
China,
India and the US.