Mexico obtained $3.53 billion in remittances in July to reach the third-highest point recorded, marking a rise of over 7 percent from $3.29 billion in remittances it had received in July 2019, Reuters reported. Remittances are a significant support for the country’s economic climate and...
No matter where you look, the pandemic has put up serious barriers to economic growth – and at the same time, has forced business models to pivot from in-person, face-to-face interactions toward digital offerings. And for at least some segments of payments (and the companies...
Global travel may be down, and border restrictions remain in-place, but that doesn’t mean cross-border payment volumes have taken a hit. The need to purchase goods and services remains as high as ever, and increasingly, spend is occurring on an international scale. While the barriers...
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...
In commerce, whether across the B2C or B2B landscape, speed matters. As detailed in the latest Cross-Border Merchant Friction Index, done in partnership between FastSpring and PYMNTS, it may be easier than ever to find goods and services online – but the process of paying for them...
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...
