It will use Mastercard Send so customers in Australia and Hong Kong can send payments to more than 1.5 billion Mastercard cards.

Consumer device and behavior trends are affecting payment providers’ strategies across retail, P2P, B2B, disbursement, and cross-border channels. Here’s what that means for the payments ecosystem.

Digital payment methods continue to displace cash and checks in the US payments ecosystem. But after a pandemic-driven crest, growth is moderating amid economic uncertainty, resetting the stakes for share of wallet.

Low adoption and stagnating growth are driving peer-to-peer mobile payment providers to make their services more accessible and attractive to increase engagement within the existing user base.

Payment provider innovation across remittances, B2B payments, and retail card and noncard payments is setting a long-term growth runway. In the short term, providers must navigate a host of obstacles to enable more crypto users to become crypto payers—and so far they’re succeeding.

Legacy players in the $774 billion remittance payments market risk being relegated by digital challengers—unless they improve their solutions.

Network Intelligence Technology lets FIs share fraud data with other industry players to mitigate real-time payment fraud.

EBA Clearing and The Clearing House are working with Swift to speed up and lower the cost of cross-border payments.

The service lets corporate clients send payment requests directly to the bank’s retail customers—helping it strengthen client relationships and opening the way for other transaction use cases, like B2B payments.

Top 10 countries for real-time payments

B2B, C2C, and B2C payments all stand to gain from shorter settlement times, which offer greater financial flexibility and control. Faster payments’ speed also provides valuable transparency for firms, which benefit from the certainty of immediate payment.

Faster payments, which enable the quick settlement of transactions, are attracting greater interest from US financial institutions, businesses, and consumers, creating new challenges and opportunities for payments incumbents.

The pandemic accelerated payments industry digitization across the entire landscape, as merchants turned to ecommerce to keep doors open, consumers eschewed cash in favor of electronic and contactless payments, and payments technology providers rapidly developed and launched new solutions to keep up.