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 the current payment systems
are highly fragmented, which poses significant barriers to seamless money transfers across borders. This fragmentation results in higher costs and less accessibility, particularly affecting migrant workers and gig economy earners who rely on these transfers for their livelihoods. Thunes aims to bridge these gaps by connecting payment systems across more than 140 countries, facilitating smoother transactions between banks, mobile wallets, and digital asset wallets.
Why It's Important?
The discussion around payment infrastructure is crucial as it directly impacts financial inclusion, a significant issue for millions globally. The lack of interoperability in payment systems leads to inefficiencies and delays, which can have severe consequences for vulnerable communities. For instance, delays in receiving international payments can result in missed bills and financial strain. By improving payment infrastructure, Thunes seeks to reduce these barriers, making financial services more accessible and affordable. This is particularly important as the global average cost of remittances remains high, at 6.36%, which is more than double the United Nations' target of 3%.
What's Next?
Thunes is working on enhancing connectivity between various payment ecosystems, which were not originally designed to interact with each other. This involves addressing legacy infrastructure issues and ensuring that funds reach end-users quickly and reliably. As Thunes continues to expand its network, it is likely to influence the broader financial landscape by setting new standards for cross-border payments. This could lead to increased pressure on other financial institutions to improve their systems, ultimately benefiting consumers and businesses by providing more consistent and reliable payment experiences.
