The Top 5 Cross-Border Payment Trends That Shaped 2024

What a year it’s been for the world of payments! From breakthroughs in tech to surprising shifts in consumer behaviour, 2024 has kept us on our toes. Whether it’s the ways we send money, secure transactions, or even think about digital currencies, this year has been nothing short of transformative. But what were the key trends that stood out and reshaped the landscape? Let’s dive in and explore the innovations that made waves—and will set the stage of what’s to come.

AI and Biometric Verification in Payments: The Future of Secure Payments

As fraudsters get more sophisticated, the payments industry is fighting back with AI and biometrics, creating a formidable defence for identity verification. According to PYMNTS Intelligence, 51% of global users now rely on biometrics to verify online payments—proof that this technology is becoming a trusted norm. But its influence stretches beyond payments; biometric systems are also making waves in airports, stadiums, and event venues.

Biometrics is even transforming the remittance sector. By simplifying onboarding and checkout, it ensures faster, more secure cross-border transactions while reducing friction—a win for users and compliance alike. In Vietnam, for example, embedding biometric verification led to a remarkable 72% drop in fraud-related accounts. As digital apps become the preferred method for money transfers, biometric verification seamlessly complements the transition to smooth, app-based experiences.

Advanced biometric systems are integrating features like liveness detection (to prevent spoofing). This is why we have been proactive and introduced earlier in the year our RemitONE Liveness Feature™, which uses liveness testing and facial biometrics to detect fraud, like deepfakes or silicone masks when scanning faces. It ensures biometric data is from a real, physically present person. Integrating it into your onboarding process reduces financial risks and safeguards your company’s reputation.

To activate this feature, reach out to us at sales@remitone.com.

Real-time payments: The Fast Lane Keeps Getting Faster

In 2024, the demand for instant, hassle-free transactions kept real-time payments (RTP) on a steep growth curve. Thanks to advances in open banking and cloud tech, payment systems have become faster, safer, and more user-friendly than ever.

Just last month in the U.S., RTP set a jaw-dropping record with 1.46 million transactions in a single day. Globally, India remains the frontrunner, clocking 130 billion RTP transactions in 2023. And the momentum shows no signs of slowing down—according to ACI Worldwide, RTP is projected to grow by $285.8 billion and bring over 167 million more people into the banking ecosystem by 2028.

The story doesn’t end there. Developing economies are doubling down on mobile-first approaches, boosted by smartphone adoption and supportive regulations, creating the perfect storm for RTP expansion. But with great speed comes greater risk—fraudsters are evolving too. In response, AI-powered security tools are stepping up, delivering real-time fraud detection and prevention to keep transactions safe.

Real-time payments are reshaping the financial landscape, and if 2024 is any indication, the future is all about immediacy, security, and inclusivity.

Collaborations & Partnerships: Driving innovation

In 2024, the cross-border payments space thrived on groundbreaking collaborations, each aiming to make global money transfers faster, easier, and more inclusive. Here’s a snapshot of some standout partnerships:

Visa and Revolut: These two giants teamed up to launch Instant Card Transfers, offering real-time payments in over 78 countries. With just a card number, users can now send money globally at reduced fees and lightning speed. This move is a game-changer, especially for small businesses and freelancers managing international payments.

Tarabut Acquires Vyne: MENA-based Tarabut acquired UK’s Vyne to supercharge its account-to-account (A2A) payments. This step aligns perfectly with regulatory shifts in Saudi Arabia and the UAE, simplifying cross-border payments for both businesses and consumers in the region.

Mastercard and Equity Bank: Strengthening ties with Equity Bank, Mastercard enabled seamless cross-border transfers to over 30 countries across Kenya and Sub-Saharan Africa. By removing landing fees and ensuring recipients receive full-value remittances, this partnership addresses affordability and accessibility for underserved markets.

Nium and Kinexys: Nium and Kinexys (powered by J.P. Morgan), have taken their partnership to the next level, making international payments to Malaysia, Thailand, and Hong Kong smoother than ever. By validating bank account information in real time, they’re tackling failed payment errors head-on.

No business thrives in isolation—collaboration is often the key to unlocking new opportunities and driving innovation. By working together, businesses can combine strengths. But let’s face it, finding the right partners can be a challenge, which is why we provide the RemitONE Hub™, where we can connect you with our trusted network of MTOs, banks, telcos, and payment gateways to elevate your business.

Whether you’re looking to enhance your operations or break into new markets, collaboration is the way forward. So, if you’re interested in discovering our network then just send us a quick email at sales@remitone.com.

CBDCs: Are we getting there?

Central Bank Digital Currencies (CBDCs) saw significant momentum globally, with 134 countries, representing 98% of global GDP, exploring their potential. Among the 44 active pilot projects, China’s digital yuan (e-CNY) stood out, processing transactions worth $986 billion this year, up from $253 billion in 2023. Projects such as mBridge—a cross-border CBDC initiative involving Saudi Arabia, UAE, Thailand, and China (including Hong Kong)—highlight growing efforts to enhance international financial systems.

Frontrunners like Nigeria, Jamaica, and the Bahamas focused on expanding their retail CBDCs to improve financial inclusion, although adoption remains slow. Meanwhile, in the West, the U.S. joined global pilots like Project Agorá, and the EU made strides with its digital euro initiative, both addressing key regulatory and interoperability challenges.

As we head into 2025, the spotlight will be on whether CBDCs can overcome hurdles like privacy concerns, cybersecurity risks, and geopolitical rivalries to deliver their promise of reshaping global finance.

Countries embracing Cryptocurrency and Blockchain

The adoption of Blockchain and cryptocurrency soared this year, with many countries taking bold steps toward integrating these technologies into their economies. A report from TripleA revealed that over 560 million people worldwide now own cryptocurrency, marking a 34% increase from the previous year. ChainAnalysis findings found India, Indonesia, and Vietnam led the charge, driven by the growing need for financial inclusion, particularly in areas with high inflation or currency instability.

One of the standout developments is the growing trend of integrating blockchain with AI and privacy-enhancing tools like zero-knowledge proofs, which aim to make blockchain interactions more secure and confidential. This combination is increasing confidence in decentralised systems, making them more attractive to both businesses and governments. For instance, the UAE continues to lead with projects like the Dubai Blockchain Strategy, aiming to make the city fully blockchain-powered. They’ve already achieved significant milestones by migrating all applicable government transactions to the blockchain platform, enhancing transparency and reducing bureaucracy.

Other countries in Central and Southern Asia, like Indonesia and the Philippines, are also embracing crypto, with growing merchant services and DeFi applications. This grassroots adoption, particularly in lower-middle-income (LMI) nations, shows how crypto is helping bridge financial gaps for millions.

The trend is expected to continue upward, with further integration of blockchain into national economies and the rise of regulatory clarity. Many countries are now adjusting their frameworks to better accommodate crypto use while mitigating risks. The European Union’s MiCA regulation, for example, is paving the way for more institutional involvement. Expect to see more countries adopting blockchain for government-backed digital currencies and public services, while stablecoins remain crucial in regions like Sub-Saharan Africa for remittances and payments.

This year has proven to be a milestone year in the evolution of the payments landscape. As we prepare for the challenges and opportunities of the future, one thing is clear innovation will continue to be the driving force behind progress in payments and finance. With tools like our biometric liveness feature and a global network to tap into, we’re here to help you innovate, expand, and stay secure.

Ready to elevate your game? Get in touch with us at sales@remitone.com to learn how our solutions can help you stay ahead in this fast-evolving landscape.

The Future of Payments and Remittances: Innovations, Real-Time Payments, and Global Financial Inclusion | IPR Global 2024

The payments and remittance industry stands on the brink of remarkable transformation, driven by innovative technologies, evolving consumer expectations, and a pursuit of frictionless digital transactions. This evolution raises essential questions about global economic inclusivity and whether security and compliance frameworks can keep pace with rapid advancements.

Leading voices in the industry share insights into the trends shaping this landscape, focusing on real-time payments, digital wallets, and groundbreaking technologies that are redefining global remittance.

Panellists:

Michael Bermingham, Co-Founder & Chief Business Officer, Nium

Anastasia Serikova, VP, Head of Revenue and Growth, Visa Direct at Visa

Kunal Choudhary, Money Transfers Strategy Lead, Worldpay

Mitchell Fordham, Chief Revenue Officer & Co-founder, eSIM Go

Moderator:

Oussama Kseibati, Business Development Officer, RemitONE

Key Trends Shaping the Payments and Remittance Landscape

Michael emphasised the rise of real-time payments and the profound impact of payment platforms like Pix in Brazil and UPI in India. He explained that real-time payments are no longer optional for financial institutions or payment service providers but are becoming essential for driving global business growth. Organisations must not only build connections to these networks but also invest in specialised teams to navigate and harness these systems effectively. Nium has dedicated teams to establish these vital connections, which, in turn, enable seamless cross-border payments.

Remittances are projected to continue rising, potentially reaching $800 billion by 2024, Anastasia shared. Digital-first providers are surpassing traditional channels, capturing an increasingly large portion of this growing market. This shift is driven by the demand for digital transactions and the push to simplify the payment ecosystem. Visa Direct is aiming to reduce intermediaries in the transaction process, enabling faster foreign exchange (FX) transactions, greater transparency, and ultimately, quicker payments—a key objective for G20 countries. She emphasised that promoting digital literacy is vital, empowering consumers to confidently navigate these streamlined digital systems.

A unique trend Oussama pointed out among Money Transfer Operators (MTOs) is the shift beyond traditional remittances, with services designed to deepen client engagement and retention. Now, instead of simply sending funds, customers can choose options like paying for subscription services (think Netflix) or providing vouchers for specific goods—a particularly popular option in markets like Africa, where recipients can redeem vouchers at designated locations. This shift, highlights the increasing personalisation of remittance services, giving recipients more versatile and meaningful ways to benefit from transfers beyond standard monetary transactions.

Industry Growth and Data Highlights

Some eye-opening stats shared by Kunal illustrate the rapid rise and evolution of payments and remittances, largely driven by digital transformation. According to Worldpay projections, global transaction volumes are set to soar, reaching an astounding $25 trillion by 2027—a growth trajectory powered by the steady shift toward digital and mobile-first solutions.

For instance, in 2023, digital wallets were used for half of all e-commerce transactions, with 30% of being point-of-sale (POS) transactions. It’s not just about online shopping; these trends are equally transformative in the remittance market, which is expected to hit $1 trillion in value soon, driven by technology and mobile innovation.

One standout example is Brazil’s Pix network, a real-time, low-cost account-to-account payment system that serves 160 million people, allowing for immediate transfers without hefty fees—an essential service for people who need to maximise the value of their transactions. According to a Worldpay’s recent Payments Performance Report, 88% of respondents expressed interest in adopting a similar system to Pix, signalling a broad appeal for efficient, direct payment solutions.

Mobile wallets are particularly significant for financial inclusion. In regions like Sub-Saharan Africa, where remittances play a critical economic role, mobile wallet usage has been growing at an impressive 20% annually. This growth, Kunal explained, stems from the accessibility, affordability, and transparency of mobile wallets, which provide a seamless option for people without traditional banking services to manage their finances and participate in the digital economy.

Innovative Technologies Revolutionising the Sector

eSIMs—short for embedded SIMs—are a digital alternative to traditional SIM cards, offering seamless, flexible mobile connectivity without the need for a physical SIM swap. While they’ve become especially popular in the travel space, eSIMs are also making waves in the remittance industry. Mitchell expressed how this technology is a game-changer for the unbanked and digitally underserved populations, enabling secure mobile access to financial services, regardless of physical location or device. EsimGO is empowering financial businesses to offer fully digital services to consumers, which not only boosts transaction volumes but also gives companies a competitive edge. As an example, esimGO’s partnerships with Western Union and various neobanks help create resilient, inclusive financial solutions that are built on accessible mobile technology.

Anastasia also delved into several recent innovations from Visa that highlight the evolving landscape of global payments. One standout feature allows users to send money internationally using just a mobile phone number—an ideal solution for those who prefer not to share sensitive account details, providing an added layer of security and peace of mind. Another innovation is Visa’s unified API for multi-currency payments, known as “cash pulling.” This allows customers to convert and hold multiple currencies, manage FX rates, and access a wide range of payout options—all through a single, streamlined API. Whether it’s bank accounts or digital wallets, this unified approach creates a smooth, predictable cross-border experience for both businesses and consumers.

Further enhancing the digital wallet ecosystem, Visa Direct has partnered with Thunes and TerraPay to expand Visa Direct’s reach, adding over 1.5 billion new digital wallet endpoints, connecting even more users to the financial system.

What next?

At RemitONE, our commitment is to provide you with cutting-edge technology, compliance solutions, an expansive network, and expert guidance to navigate the ever-evolving landscape of remittances. Whether you’re just starting out or looking to scale your business, we’ve got you covered.

Want to see how RemitONE can elevate your business? Book a free consultation to discover how we can supercharge your business