Advances in Cross-Border Digital Payment Systems: Enhancing Financial Inclusion Through Scalable Remittance Infrastructure

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@article{1708021,
      author = {Oluwasanmi Segun Adanigbo, Florence Sophia Ezeh, Unomah Success Ugbaja, Comfort Iyabode Lawal, Solomon Christopher Friday},
      title = {Advances in Cross-Border Digital Payment Systems: Enhancing Financial Inclusion Through Scalable Remittance Infrastructure},
      journal = {Iconic Research And Engineering Journals},
      year = {2021},
      volume = {5},
      number = {5},
      pages = {398-405},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1708021.pdf},
      abstract = {This paper explores the transformative potential of cross-border digital payment systems in advancing global financial inclusion through the development of scalable, secure, and interoperable remittance infrastructures. It begins by contextualizing the evolution of international remittance channels and highlights their significance in supporting economic development, particularly in low- and middle-income countries. The analysis identifies key challenges currently hindering progress, including high transaction costs, regulatory fragmentation, digital exclusion, and technological silos. Drawing on recent technological advancements, the paper examines how distributed ledger technologies, open banking frameworks, and biometric-based digital identity systems are reshaping the remittance landscape. It further evaluates infrastructure models that prioritize scalability and inclusion, such as mobile money platforms, agent banking networks, and regional payment integration efforts. The discussion then turns to governance, assessing the need for harmonized regulatory frameworks, enhanced data privacy standards, and strengthened public-private partnerships. In conclusion, the paper offers practical policy and industry recommendations while outlining future innovation pathways?including central bank digital currencies and AI-driven remittance solutions?to enhance the accessibility, efficiency, and resilience of cross-border payment ecosystems. These findings underscore the importance of coordinated global action and technological innovation in enabling equitable financial participation for underserved populations.},
      keywords = {Cross-Border Payments, Financial Inclusion, Digital Remittances, Distributed Ledger Technology, Regulatory Harmonization},
      month = {November},
  }