In 2017, Zambia introduced a government-to-person (G2P) payments model that lets beneficiaries choose the provider they want to use to receive their payment. Today, the benefits to the recipients, providers and government are clear.
Many countries are pressing forward with new systems to enable better, faster digital payments. Brazil's instant payment system, PIX, is among the newest and most exciting. How does it compare to India's well-known UPI system?
As Facebook enters the highly regulated space of digital payments in India and Indonesia, it is partnering with local players to connect its virtual ecosystem with the cash economy, gain access to logistics networks and overcome regulatory hurdles.
Advances in payment infrastructure are enabling governments to channel payments through multiple providers, giving people greater choice over how to receive payments. This is an important shift with implications for financial services providers, recipients of government payments and financial inclusion.
Globally, people pay an average fee of 6.9 percent to send money to family and others abroad. In one of Asia’s largest remittance corridors, between Malaysia and the Philippines, the average fee is only 3.7 percent. Smart policies have played an important role in bringing prices down.
China will soon require payments providers, including Alipay and WeChat Pay, to connect to a public online payments clearinghouse. Here’s what we know so far about how this institution will work and what it could mean for mobile payments.
QR codes last year facilitated $2.5 trillion in retail payments in China, and their use is gaining momentum in countries like India. But how do they work? And what is their potential to increase financial inclusion?