The connected payments economy

Around the world, regulators, financial institutions, payment providers and technology players are pursuing a common objective: making cross-border payments more efficient, accessible and interconnected. However, progress is being shaped by deeper questions around interoperability, regulation, infrastructure and ecosystem collaboration. The future of cross-border payments will depend not only on technology innovation but also on how effectively stakeholders address these broader challenges.

India's digital payments transformation has attracted global attention. With Digital Public Infrastructure (DPI), UPI and a rapidly evolving fintech ecosystem, the country has established a strong foundation for innovation at scale. As cross-border payment networks become increasingly connected, India is uniquely positioned to shape the next generation of payment ecosystems. The opportunity extends well beyond payments. It is about enabling trade, supporting businesses, strengthening global connectivity and facilitating participation in a more digital economy.

This report explores the forces reshaping cross-border payments, the evolving global landscape and the strategic considerations that could influence India's path forward. Drawing on Deloitte India’s analysis and developments across international markets, it provides insights into how payment ecosystems are evolving and what may be required to unlock the next phase of growth.