NEW YORK—2024 is set to be a “year of evolution” for cross-border payments, according to one new forecast.
“Over the next year, we are set to see the global payments landscape shift and develop in response to factors that have long been in motion,” FXCintelligence said, adding its predictions fall under three main categories:
Geopolitical and Social Trends
“Expect to see an increased focus on transparency alongside greater cross-border integration of country-level payment systems; further de-dollarization; more small businesses operating internationally; and the beginnings of a reckoning with the industry’s environmental impact,” FXCintelligence said.
Technological Advances
“Expect to see a continued focus on faster payments, alongside novel avenues for payment processing; the inevitable use of generative AI; growing geographic adoption of QR codes; and some key announcements on CBDCs,” FXCintelligence forecast.
Industry Evolution
“Expect to see focus on consolidation and spinoffs rather than IPOs; a fightback from banking on B2B payments; a significant growth in B2B ecommerce; a sense of the long-term strategy for remittances; and the rise of cross-border gifting as an alternative to classic remittances,” the report added.
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