If it takes a year to contain the COVID-19 pandemic and reopen economies, global payments could fall by as much as $108.6 billion this year, according to Asian Development Bank (ADB) economists. “Migrant workers are among the hardest hit groups, with many facing scant job...
An international association for central banks has issued a report that “aims to make lasting improvements in cross-border payments.” The current problem, according to the report, is that the payments setup “can be slow, expensive, unreliable” — or even unavailable in some countries. The move...
The pandemic has upended daily life – and in payments, it is moving analog, face-to-face transactions toward the digital realm. In an interview with PYMNTS, Michael Bermingham, co-founder and chief business officer for Nium, said the pandemic has been changing the very nature of cross-border...
MoneyGram will partner with Digital Financial Services in order to help facilitate cross-border transfers involving digital wallets in the United Arab Emirates, according to a press release. Digital Financial Services is a partnership between Etisalat and Noor Bank, which was acquired earlier this year by...
Businesses are digitizing more rapidly these days, often tapping into new overseas markets and expansion opportunities created by COVID-19. They are also exhibiting increasingly robust cross-border payments capabilities, with a focus on simplicity and ease of operations internationally. As we learn in PYMNTS’ inaugural June...
MoneyGram is partnering with Uber in order to offer discounts on money transfers to over 200 countries and territories, a press release states. The discount is available to anyone who earns money on an Uber-related gig economy app, including Uber Eats, Uber Works and Uber...
FinTech payments startup Nium, based in Singapore, is getting a new round of funding led by new investors Visa and BRI Ventures. Nium, formerly known as InstaReM, has closed four funding rounds totaling $59 million since it was founded in 2014. The size of this...
Making cross-border payments work — across currencies and across time zones — is no easy task. The challenges are myriad, marked by (to name just a few) legacy systems; new domestic, faster payments rails; and the need to manage and mitigate fraud risk. Add to...
Spanish bank and investment institution Santander has expanded its One Pay FX international payments system to include Mexico, according to a report by Cointelegraph. The Ripple-powered payments system will be offered in the country sometime this year. The company recently filed a Form 20-F, which...
