The world of business and commerce has experienced tremendous change over the past five years — from the rise of the digital nomad, international online selling, increased cross-border trade, the sheer scale of migrant working, and the birth of the gig economy. With this change, payments have had to follow suit becoming "border agnostic" as businesses increasingly rely on country-to-country transactions.
Even through the pandemic, the global cross-border economy has continued operating efficiently behind the scenes. Despite physical borders closing, people have continued to move money without friction. Indeed, Mastercard's cross-border platforms have seen growth over 150% since January 2020.
This new normal would demand a pan-global supporting infrastructure to facilitate an improved, better way of doing business, which is acutely important when it comes to cross-border payments. The scale of the cross-border payments prize is considerable. Because of the sheer pace of innovation and the scale of global expertise required, collaboration with partners with global reach and proven ability in operating cross-border connectivity is advised — whether remittances, trade flows, or disbursements.
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