Nigeria has become sub-Saharan Africa’s leader in cross-border stablecoin payments. That’s according to an International Monetary Fund (IMF) report published Tuesday (June 16), showing that the country accounts for 60% of stablecoin inflows since 2019. “What began as a niche technology has become a meaningful...
China is reportedly preparing the commercial launch of a digital currency-focused cross-border payment program. The new platform, dubbed “mBridge,” is being backed by the central banks of China, Hong Kong, Saudi Arabia, Thailand and the United Arab Emirates, the Financial Times (FT) reported Saturday (June...
Watch more: Need to Know With Mastercard’s Pratik Khowala There was a time when small businesses rarely sold outside their neighborhoods, much less their home state. That time is gone. Today’s Main Street small- to medium-sized businesses (SMBs) are increasingly globally connected. “SMBs make cross-border...
Brazil’s central bank is reportedly dealing with pushback as it seeks greater autonomy. As Bloomberg News reported Wednesday (June 10), the bank is arguing that limited resources are hindering its oversight as the country’s financial system grows more complex. A constitutional amendment that would give Banco Central do...
As businesses demand greater visibility into settlement, foreign exchange, supplier payments and treasury operations, payment providers are making moves to expand beyond what might be termed their own borders. That backdrop may explain why Nuvei is exploring an acquisition of Payoneer, PYMNTS reported on Tuesday...
An entire generation of American small- to medium-sized businesses (SMBs) have been conducting multinational operations without multinational infrastructure. Findings in “The Cross-Border Opportunity: What Global Sourcing by US SMBs Means for Payment Providers,” a PYMNTS Intelligence and Mastercard collaboration, reveal that SMBs in the U.S. today are doing...
For banks and payment providers, the headline numbers surrounding cross-border payments appear encouraging. The PYMNTS Intelligence report “The Cross-Border Opportunity: What Global Sourcing by US SMBs Means for Payment Providers,” a collaboration with Mastercard, found that 57% of small- to medium-sized businesses (SMBs) in the...
Mastercard is taking part in an instant cross-border payment pilot in Europe. The pilot is being conducted in partnership with the central banks of Denmark and Sweden, using the TARGET Instant Payment Settlement (TIPS) platform, according to a Monday (June 1) news release. “Participation in...
Cross-border payments have long carried a premium because moving money across jurisdictions has been slow, fragmented and operationally complex. But a growing share of global commerce now relies on payment networks built to move money more quickly and predictably across borders. At the same time,...