This paper illustrates the important role open-loop payments play in creating frictionless, sustainable and inclusive urban mobility ecosystems.
There are three main types of cross-border payment solutions available today, and they operate in different ways across the experience, rules and processes, and infrastructure layers to meet the needs of end users. This paper encourages policymakers to take a more nuanced look at cross-border payments and how solutions satisfy distinct needs as improvement opportunities are identified and prioritized.
There are more cross-border payment attributes than are often discussed, and consumers, businesses, and remittance senders place different priorities on the attributes according to their needs for a given use case. This paper gives a voice to end users and encourages policymakers to take a more nuanced look at cross-border payments and the distinctive needs they satisfy as improvement opportunities are identified and prioritized.
The paper examines the latest global remittance trends; describes the advantages of digital remittances and digital enablement of migrant workers, their families, and communities; and offers five recommendations for unlocking the benefits of innovation and competition for everyone, everywhere. See these key insights and recommendations for a shorter summary of the paper.
This paper provides our perspective on which of the G7 principles should be considered first; what matters in payment transactions; and, based on our experience operating VisaNet for several decades, what have we learnt that can be applied to CBDC (central bank digital currencies).
Market-led innovation is critical in continuously improving the cross-border payments experience for consumers, businesses, governments, and all participants across the value chain.
Over 100 central banks are in some stage of researching or developing digital currencies. We offer policymakers who are exploring a CBDC a series of tough questions to address as they decide whether and how to move forward.
Messaging standards are core to the payment system, enabling institutions across sectors to connect and transact efficiently and effectively.