Raj Kamal said fragmented regulation and patchy payment infrastructure remain the two main barriers to building global payment platforms, especially across emerging markets in Asia and Africa.
Europe’s more unified systems contrast with those markets, where high transaction costs and unpredictable settlement delays force companies to integrate many local payment methods and compliance regimes.
Stablecoins and blockchain are already easing cross-border transfers by improving transparency and stability, Kamal said, while universal standards are key to scaling international money movement.
Agentic commerce will demand stronger rails for liability and dispute resolution, he added, arguing that payment firms will win by pairing better technology with regulation-by-design and legislative shifts such as the US Clarity Act.