We’re witnessing an unprecedented shift in the global economy. The current COVID-19 crisis is rapidly accelerating growth in digital commerce, and as trade in traditional goods and services decreases, trade in digital goods and services—or digital trade, as it’s commonly known—will only become more important. This shift is fueled in part by the rapid expansion of access to digital payments, which enable consumers and merchants to easily buy and sell products worldwide. However, ensuring that cross-border payments are accessible, interoperable and secure is a difficult task, and several challenges threaten to make it significantly harder.
Writing for the World Economic Forum (WEF), Nigel Cory and WEF Digital Trade Fellow Mike Gallaher, summarize a recent report they authored for WEF that enumerates key steps policymakers should take to support cross-border payments and digital trade growth.