Independent Banker - April 2021 - 36

PORTFOLIO
◎FOCUS PAYMENTS
in users this year.
The advent of real-time
international payments
Two rising technologies, faster payments and cross-border payments,
are coalescing as more countries lay foundations to make such
transactions possible. Experts say the U.S. is on a path to becoming
one of them. By Colleen Morrison
s adoption of digital payments
grows, the world economy opens
for consumers and businesses alike.
Global ecommerce sites are making
it easier than ever to buy on an
international scale, and as a result,
boundaryless digital payments in the
form of cross-border transactions
continue to climb.
A
In fact, Amazon reported that
more than one-quarter of its 2019
total consolidated net revenue,
$74.7 billion, came from international
channels. And analysts predict that all
types of global payments will continue
on this trajectory; worldwide digital
remittances are anticipated to jump
by 22% in transaction value and 18%
" If we look at what happened
during the pandemic, it really fueled
the adoption of digital payments, and
this includes cross-border payments, "
says Nasreen Quibria, ICBA's vice
president of emerging payments and
technology policy. " Although there
were job losses that rose among
immigrants, there was even more
demand to send back money to
families overseas and an urgency to
get that money into the hands of those
experiencing economic hardship. "
That sense of urgency fuels a desire
for more instant global payments.
Small and medium businesses have
reported increased demand for faster
payments, with 91% expressing
interest in real-time settlement
and 42% indicating they would
switch financial providers to have it,
according to a 2020 report from Visa
36 Q ICBA Independent Banker Q April 2021
Photo by Kirsty Begg/Stocksy

Independent Banker - April 2021

Table of Contents for the Digital Edition of Independent Banker - April 2021

Table of Contents
Independent Banker - April 2021 - Cover1
Independent Banker - April 2021 - Cover2
Independent Banker - April 2021 - Table of Contents
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Independent Banker - April 2021 - Cover3
Independent Banker - April 2021 - Cover4
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