What a year it’s been for the world of payments! From breakthroughs in tech to surprising shifts in consumer behaviour, 2024 has kept us on our toes. Whether it’s the ways we send money, secure transactions, or even think about digital currencies, this year has been nothing short of transformative. But what were the key trends that stood out and reshaped the landscape? Let’s dive in and explore the innovations that made waves—and will set the stage of what’s to come. 

1. AI and Biometric Verification in Payments: The Future of Secure Payments 

As fraudsters get more sophisticated, the payments industry is fighting back with AI and biometrics, creating a formidable defence for identity verification. According to PYMNTS Intelligence, 51% of global users now rely on biometrics to verify online payments—proof that this technology is becoming a trusted norm. But its influence stretches beyond payments; biometric systems are also making waves in airports, stadiums, and event venues. 

Biometrics is even transforming the remittance sector. By simplifying onboarding and checkout, it ensures faster, more secure cross-border transactions while reducing friction—a win for users and compliance alike. In Vietnam, for example, embedding biometric verification led to a remarkable 72% drop in fraud-related accounts. As digital apps become the preferred method for money transfers, biometric verification seamlessly complements the transition to smooth, app-based experiences. 

Advanced biometric systems are integrating features like liveness detection (to prevent spoofing). This is why we have been proactive and introduced earlier in the year our RemitONE Liveness Feature™, which uses liveness testing and facial biometrics to detect fraud, like deepfakes or silicone masks when scanning faces. It ensures biometric data is from a real, physically present person. Integrating it into your onboarding process reduces financial risks and safeguards your company’s reputation. 

To activate this feature, reach out to us at sales@remitone.com. 

2. Real-time payments: The Fast Lane Keeps Getting Faster 

In 2024, the demand for instant, hassle-free transactions kept real-time payments (RTP) on a steep growth curve. Thanks to advances in open banking and cloud tech, payment systems have become faster, safer, and more user-friendly than ever. 

Just last month in the U.S., RTP set a jaw-dropping record with 1.46 million transactions in a single day. Globally, India remains the frontrunner, clocking 130 billion RTP transactions in 2023. And the momentum shows no signs of slowing down—according to ACI Worldwide, RTP is projected to grow by $285.8 billion and bring over 167 million more people into the banking ecosystem by 2028. 

The story doesn’t end there. Developing economies are doubling down on mobile-first approaches, boosted by smartphone adoption and supportive regulations, creating the perfect storm for RTP expansion. But with great speed comes greater risk—fraudsters are evolving too. In response, AI-powered security tools are stepping up, delivering real-time fraud detection and prevention to keep transactions safe. 

Real-time payments are reshaping the financial landscape, and if 2024 is any indication, the future is all about immediacy, security, and inclusivity. 

3. Collaborations & Partnerships: Driving innovation  

In 2024, the cross-border payments space thrived on groundbreaking collaborations, each aiming to make global money transfers faster, easier, and more inclusive. Here’s a snapshot of some standout partnerships: 

• Visa and Revolut: These two giants teamed up to launch Instant Card Transfers, offering real-time payments in over 78 countries. With just a card number, users can now send money globally at reduced fees and lightning speed. This move is a game-changer, especially for small businesses and freelancers managing international payments. 

• Tarabut Acquires Vyne: MENA-based Tarabut acquired UK’s Vyne to supercharge its account-to-account (A2A) payments. This step aligns perfectly with regulatory shifts in Saudi Arabia and the UAE, simplifying cross-border payments for both businesses and consumers in the region. 

• Mastercard and Equity Bank: Strengthening ties with Equity Bank, Mastercard enabled seamless cross-border transfers to over 30 countries across Kenya and Sub-Saharan Africa. By removing landing fees and ensuring recipients receive full-value remittances, this partnership addresses affordability and accessibility for underserved markets. 

• Nium and Kinexys: Nium and Kinexys (powered by J.P. Morgan), have taken their partnership to the next level, making international payments to Malaysia, Thailand, and Hong Kong smoother than ever. By validating bank account information in real time, they’re tackling failed payment errors head-on.  

No business thrives in isolation—collaboration is often the key to unlocking new opportunities and driving innovation. By working together, businesses can combine strengths. But let’s face it, finding the right partners can be a challenge, which is why we provide the RemitONE Hub™, where we can connect you with our trusted network of MTOs, banks, telcos, and payment gateways to elevate your business. 

Whether you’re looking to enhance your operations or break into new markets, collaboration is the way forward. So, if you’re interested in discovering our network then just send us a quick email at sales@remitone.com. 

4. CBDCs: Are we getting there? 

Central Bank Digital Currencies (CBDCs) saw significant momentum globally, with 134 countries, representing 98% of global GDP, exploring their potential. Among the 44 active pilot projects, China’s digital yuan (e-CNY) stood out, processing transactions worth $986 billion this year, up from $253 billion in 2023. Projects such as mBridge—a cross-border CBDC initiative involving  Saudi Arabia, UAE, Thailand, and China (including Hong Kong)—highlight growing efforts to enhance international financial systems. 

Frontrunners like Nigeria, Jamaica, and the Bahamas focused on expanding their retail CBDCs to improve financial inclusion, although adoption remains slow. Meanwhile, in the West, the U.S. joined global pilots like Project Agorá, and the EU made strides with its digital euro initiative, both addressing key regulatory and interoperability challenges. 

As we head into 2025, the spotlight will be on whether CBDCs can overcome hurdles like privacy concerns, cybersecurity risks, and geopolitical rivalries to deliver their promise of reshaping global finance. 

5. Countries embracing Cryptocurrency and Blockchain 

The adoption of Blockchain and cryptocurrency soared this year, with many countries taking bold steps toward integrating these technologies into their economies. A report from TripleA revealed that over 560 million people worldwide now own cryptocurrency, marking a 34% increase from the previous year. ChainAnalysis findings found India, Indonesia, and Vietnam led the charge, driven by the growing need for financial inclusion, particularly in areas with high inflation or currency instability. 

One of the standout developments is the growing trend of integrating blockchain with AI and privacy-enhancing tools like zero-knowledge proofs, which aim to make blockchain interactions more secure and confidential. This combination is increasing confidence in decentralised systems, making them more attractive to both businesses and governments. For instance, the UAE continues to lead with projects like the Dubai Blockchain Strategy, aiming to make the city fully blockchain-powered. They’ve already achieved significant milestones by migrating all applicable government transactions to the blockchain platform, enhancing transparency and reducing bureaucracy. 

Other countries in Central and Southern Asia, like Indonesia and the Philippines, are also embracing crypto, with growing merchant services and DeFi applications. This grassroots adoption, particularly in lower-middle-income (LMI) nations, shows how crypto is helping bridge financial gaps for millions. 

The trend is expected to continue upward, with further integration of blockchain into national economies and the rise of regulatory clarity. Many countries are now adjusting their frameworks to better accommodate crypto use while mitigating risks. The European Union’s MiCA regulation, for example, is paving the way for more institutional involvement. Expect to see more countries adopting blockchain for government-backed digital currencies and public services, while stablecoins remain crucial in regions like Sub-Saharan Africa for remittances and payments. 

This year has proven to be a milestone year in the evolution of the payments landscape.  As we prepare for the challenges and opportunities of the future, one thing is clear innovation will continue to be the driving force behind progress in payments and finance. With tools like our biometric liveness feature and a global network to tap into, we’re here to help you innovate, expand, and stay secure.  

Ready to elevate your game? Get in touch with us at sales@remitone.com to learn how our solutions can help you stay ahead in this fast-evolving landscape.