Global financial transactions are rapidly expanding in both quantity and scope, driven by technological advancements and increased market connectivity.

In 2022, cross-border payment flows reached a remarkable $150 trillion, reflecting a year-on-year growth rate of 13%. This growth can be attributed to the focus on new financial technology infrastructure, which has facilitated the rise of remittances, mobile money, and cryptocurrency payments.

Remittances to frontier market countries surged to $589 billion in 2021, highlighting the role of diaspora communities and the expansion of global trade. Mobile money has revolutionized financial transactions in Africa, with registered accounts reaching 1.6 billion in 2022 and transaction volumes hitting a new high of $1.26 trillion.

Moreover, cryptocurrency payments have experienced a significant increase, growing by 1,200% from 2020 to 2021. This trend showcases the efficiency and accessibility provided by blockchain technology, particularly for customers overlooked by traditional banking systems.

Overall, the global financial landscape is witnessing a transformative shift with the rise of new payment methods and the increasing interconnectivity of markets.