Having transformed how people use money at home, the race to transform payments is now going global. Cross-border retail spending (including tourism) and remittances will hit $5t this year; business-to-business payments are worth eight times that.
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The fight over the future of global payments
The countries that benefit most will be those that stay open to all platforms and let them overlap, rather than forcing people to use national champions. And though the West will lose some power as a result of the proliferation of alternatives to its payments systems, it will maintain the ability to levy the most effective forms of sanctions: on flows of trade and technology.
