Post by Tencent

Cross-border payments have become one of the quiet contradictions of the digital age. The technology to pay seamlessly exists almost everywhere. Yet the moment you cross a border, it often stops working. In a new article for the World Economic Forum ahead of Summer Davos, Forest Lin, Tencent’s Vice President and Head of Financial Technology, explores what he calls “technical regression” — the structural gap between increasingly advanced domestic payment systems and the fragmented standards that exist between them. Most economies have built strong domestic rails, but the missing piece is the interchange that lets them work as one network. Drawing on Tencent's experience tackling three core challenges to reduce payment friction over the past several years, Forest argues no single company can solve this alone: it takes cooperation among payment providers, wallet partners, merchants, card networks and regulators. The next challenge may not be building better payment systems, but helping them work together. Read the full article below. https://lnkd.in/g5hMepj3 #DigitalPayments #FinTech #CrossBorderPayments #SummerDavos