We identify opportunities for the public and private sectors to work together to create and sustain an open and innovative payments ecosystem so that individuals, businesses, and economies can thrive.
The current landscape: High expectations among consumers
Today’s consumers expect efficiency and ease in all their interactions, especially when making a purchase. Methods of moving money are evolving to keep pace with changing consumer expectations. Security and reliability are fundamental to payments, and they must be the foundation of new innovations.
This paper details the Visa Economic Empowerment Institute’s 2023 research into remittance options and costs for 50 global corridors. It finds that an “under 3 percent” cost option was available in 40 of the 50 corridors, but a key need is digitally enabling migrant workers to find the options that are best for them. Other insights are offered from the new data, many of which relate to VEEI’s previous remittance policy recommendations.
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 (among others) 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).
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.
As more central banks explore the implications of building their own Central Bank Digital Currencies (CBDC), each individual central bank will be confronted with an obvious challenge: they are not the only ones. We envision and evaluate scenarios of how various CBDC networks could operate around the world.