In the last session, you probably know what is a payment protocol and how it could benefits the payment system. Borderless and bankless payment can be seen as the future of payment when it can connect everyone in the world together quickly, accurately and efficiently.
Cross-border (Borderless) payments have been critical in keeping the global economy afloat at a period of extraordinary instability. Mastercard’s first Borderless Payments Report explains why consumers and small businesses send and receive money all over the world, and how digital cross-border payment solutions have become a financial lifeline for many.
At a global level, key findings include:
- 38% of consumers are sending or receiving more cross-border payments than a year ago
- 62% are more reliant on online transfers
- 73% have sent money to support friends and family abroad
More than a quarter (26%) of respondents, including 57% of Indians and 43% of Americans, said they transfer more than half of their monthly income to another nation on a regular basis, while 46% send more than a fifth of their wage abroad. Because of the enormous value and importance of these transactions, people require dependable, efficient, and secure cross-border payment systems.
- 38% of small businesses are sending or receiving more cross-border payments than a year ago
- 74% say cross-border payments have helped their business to survive
- 81% say using online cross-border payments had helped the business to grow
It has never been more critical to assist small businesses in paying and receiving payments in order to help them weather the COVID-19 economic storm and emerge stronger on the other side. More than three-quarters of small business respondents (76%) agreed that the epidemic had driven them to consider new global business prospects, with 68 percent planning to do more foreign business than they had previously.
Going bankless is a journey towards freedom—self-sovereignty. Financial independence.
That means less reliance on two types of banks:
- Central banks
- Commercial banks
It’s not that we hate banks—we just don’t need them anymore. At least, we need them a lot less in our new crypto money systems.
Bankless means freedom and upside for each of us as individuals and an opportunity make the world a better place for future generations.
Money thrives when acceptance and value exchange (which lies at the core of its usage) becomes simplified. So much is possible when AI, IoT, data analytics and robotics intercourse with the world of finance. Surely, time is inching by the seconds into the future and we are at the brink of a true global transformation when everything fuses into a seamless experience and you are just you operating from anywhere and anytime.
Furthermore, we deeply appreciate what AirBnB is doing to aggregate the “waste” in property usage while re-channeling such energies towards the achievement of new customer experiences and value trade.
So how does all of that turn out to be possible? Crypto payment is the answer, a completely decentralized, transparent, anonymous, borderless and bankless system. Stay tuned for this series