During the 2020 pandemic, the majority of countries have provided income support to households at an unprecedented speed and scale. Social distancing measures and the large penetration of mobile phones in emerging markets and developing economies (EMDEs) have encouraged government-to-person (G2P) transfers through mobile platforms.
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Global transaction banking (GTB) is not the kind of business to generate headlines or draw attention to itself. Over a long period, it has been seen as the workhorse of the banking world—a reliable performer that quietly goes about its business. Despite its sleepy image, however, GTB is a big hitter—generating around $1 trillion of revenues every year.
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The OCC’s recent interpretive letter clarifying stablecoin-related activities for national banks and federal savings associations may further encourage these activities amidst growing public interest.
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The challenges are immediate, with long-term implications for global, regional, and local economies—and for the payments industry itself. Here’s what to expect.
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