What's Happening?
Thunes, a company specializing in cross-border payment solutions, emphasizes the critical role of payment infrastructure in achieving financial inclusion. In an interview with FinTech Magazine, Chloé Mayenobe from Thunes discusses how payment systems
are often overlooked in financial inclusion debates despite their fundamental importance. The lack of interoperability between different payment systems creates barriers, making cross-border money transfers expensive and less accessible. Thunes aims to bridge this gap by connecting payment systems across over 140 countries, facilitating smoother transactions between banks, mobile wallets, and digital asset wallets. The company argues that financial inclusion is not just about access to accounts but also about the usability of these systems, which is hindered by fragmented infrastructure.
Why It's Important?
The discussion around payment infrastructure is crucial as it directly impacts the cost and accessibility of financial services for millions globally. The high cost of remittances, which averages 6.36% globally, is a significant barrier to financial inclusion, especially for vulnerable communities relying on these funds for daily survival. By improving interoperability and reducing transaction costs, Thunes and similar companies can enhance the financial stability of individuals who depend on cross-border payments. This has broader implications for economic participation and growth, as seamless payment systems enable more people and businesses to engage fully in the global economy.
What's Next?
Future developments in payment infrastructure are expected to focus on enhancing interoperability and reducing delays in cross-border transactions. Thunes plans to continue expanding its network and improving connectivity between various financial systems. This will likely involve collaboration with regulators, financial institutions, and fintech companies to create more integrated global payment systems. As these improvements take place, the cost of remittances may decrease, aligning closer to the UN's target of 3%, thereby increasing financial inclusion and economic participation worldwide.
