Back
4 key steps to support cross-border payments and digital trade growth
Jun 4, 2020
Addressing challenges to cross border payments is critical to preserving the future growth of the digital economy.  Modernized trade agreements as well as interoperability and coordinated oversight are some of the measures that can ensure strong growth in the digital economy.
We’re witnessing an unprecedented shift in the global economy. The current COVID-19 crisis is rapidly accelerating growth in digital commerce, and as trade in traditional goods and services decreases, trade in digital goods and services—or digital trade, as it’s commonly referred to—will only become more important. This shift is fuelled in part by the rapid expansion of access to digital payments, which enable consumers and merchants to easily buy and sell products worldwide. However, ensuring that cross-border payments are accessible, interoperable and secure is a difficult task, and several challenges threaten to make it significantly harder. Addressing these challenges is critical to supporting a key source of growth in the struggling global economy.
Prior to the crisis, cross-border e-commerce was already rapidly expanding (Figure 1), but since the crisis, growth has become exponential. For instance, in the United States and Canada, overall e-commerce orders have increased by 129% compared with last year. Similarly, the digital payments market is now expected to grow this year by 11% worldwide and as high 15.9% in places like China .
5Shares
0Comments
0Favorites
1Likes
Say something to impress...
Loading...
Comments
Hot

No content at this moment.

Relevant people
Technology Eye
43583 Followers
technology
Watch on technology.
Related