The cross-border payments industry is expected to hit $250 trillion by 2027, up from $150 trillion a decade before in 2017, as adoption grows and technology, including real-time payments, AI and new payment rails, evolves. 

“Clients, more and more, are demanding efficient ways of receiving and sending money,” Linda Kugblenu, vice president and product solutions specialist in payments at JPMorgan, said today during JPMorgan’s webinar, “The unignorable power of payments: Seamless, borderless transactions.” Here are four areas of payments technology that executives have their eyes on:

1. Evolution of RTP

Real-time payments have allowed retail and corporate clients to send and move money in seconds, Owen Biglin, head of North America cross-currency solutions at JPMorgan, said during the webinar. As it evolves, RTP can be applied at the cross-border and cross-currency levels. 

“It’s going to be something very exciting to see in the next couple of years,” he said.

2. Payments rails

Financial institutions are looking to existing and new payments rails for cross-border opportunities. 

For example, FedNow launched in the United States in July, and Anand Mitra, North America product management and global product delivery head of cross-currency solutions at JPMorgan, said during the webinar, noting, that he will monitor “how [FedNow] ramps up over the next coming years.” 

Others in the industry, including payments service provider ACI Worldwide, are watching FedNow for cross-border capabilities, Bridget Hall, leader of real-time payments for the Americas at ACI Worldwide, previously told Bank Automation News. “It’s something that I think is going to come in the future.”

3. Mobile banking

Adoption of mobile wallets in traditionally underbanked communities is growing and opening options to expand the client base, Kayde Ford, vice president and product sales specialist at JPMorgan, said on the webinar.  

As mobile adoption grows, more financial institutions, including JPMorgan, are “delivering user-friendly mobile banking apps to be able to provide easy access to the banking services.” 

4. AI

AI continues to evolve and is expected to present opportunities for innovation within the payments space, including seamless transactions, Kugblenu said. 

“I think we’ve reached the next frontier in payments and artificial intelligence,” she said. 

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