In a rapidly evolving financial landscape, technology is transforming how money moves—making payments of tomorrow faster, smarter, and easier than ever before.
Consider this snapshot of the near future: You’re in a taxi on the other side of the world. You pay your driver with the same digital wallet you use at home, and he receives the money in his wallet linked to the local instant payments network. He’s set a rule in his bank app—“send 30% of every payout to my family back home”—and funds are converted immediately to a third currency and delivered to relatives in a country thousands of miles away.
Nobody needs to download a new app or think about payment methods. AI-powered agents handle currency conversion and smart routing automatically and invisibly—at a fraction of yesterday’s international payment costs.
Here’s another scenario: A global marketplace pays out to 10,000 sellers daily. Instead of selecting a payout route, the finance department sets a rule—“pay as efficiently as possible, in line with terms and conditions.” The platform dynamically routes each payment based on geography, cost, and liquidity—choosing from rails that might include account-to-account, tokenized card networks, or stablecoins on public blockchains.
In each of these examples, the user experience is simplicity itself, yet it relies on a complex, underlying technical, regulatory and strategic architecture. In recent years the introduction of new payment rails, infrastructure and digital currencies has created choice but has yet to deliver seamless interoperability.
That’s why efforts are increasingly focused on convergence—stitching together today’s patchwork of innovation into an intelligent network of networks. We’re not there yet, but we’re closer than you might think.
AN EXPLOSION OF CHOICE
In recent years, there’s been a diversification in digital currencies. Stablecoins are moving into mainstream use, combining the stability of traditional money with the advantages of blockchain—speed, programmability, and global reach. Tokenized deposits bring those same benefits while retaining the full regulatory and trust framework of the banking system. Meanwhile, central bank digital currencies (CBDCs) are pivoting from retail-focused ambitions to wholesale use cases like interbank settlements, cross-border payments, and securities transactions.
New payment rails are proliferating as well. Some, like PIX in Brazil and UPI in India, are public infrastructures, embodying the principle that payments should function as a public good, like highways or utilities. Others, such as the permissioned ledgers deployed by banks like JPMorgan Chase, represent commercial bank money as digital tokens on private blockchains, enabling clients to move funds 24/7 with near-instant finality, rich data, and full regulatory compliance.
Card networks are essential—particularly for consumer payments that require strong identity assurance and dispute protection. Features like tokenization, push-to-account transfers, and established chargeback procedures make them a trust-and-compliance layer that enables connectivity across the payments landscape.
THE IMPERATIVE OF INTEROPERABILITY
Convergence is the process by which this expanding array of currencies and rails can coalesce into a global system for value transfer. Importantly, this isn’t a zero-sum competition among players. The diverse systems need to connect to a layered, interoperable framework that fulfills a long-standing aspiration: seamless value movement across borders and platforms.
Ease, security, and cost-efficiency will define this new system. Consumers and businesses will increasingly move money across networks with settlement and reconciliation handled invisibly in the background. They will expect security to be end-to-end, traveling with the payment throughout the ecosystem. Benchmark standards for resolving disputes and assigning liability—pioneered by card networks—will extend to other rails, from instant payments to blockchain and beyond. Agentic payment routing will minimize fees by selecting the most efficient path, whether that’s a domestic instant scheme, a cross-border blockchain transfer, or a card network.
Many players are driving this convergence. For example, Project Nexus, an initiative of the Bank for International Settlements, aims to connect instant payment systems across multiple countries through a single interface. Bridges like Circle’s Cross-Chain Transfer Protocol (CCTP) are being built to link disparate blockchain networks, while PayPal is expanding its cross-border capabilities via wallets. Card networks like Mastercard are enabling interoperability across rails. And much more is underway.
Crucially, agentic AI will increasingly serve as the connective tissue of this system—orchestrating real-time operations and knitting together the constellation of networks.
THE RACE TO CONNECT
The next two to five years will be a critical transition period. During this time, legacy infrastructure and digital-native systems will operate in parallel as regulations evolve, pilots mature into production, and new instruments move from experimentation to everyday use. Adoption will unfold in stages as technologies mature at different speeds and market incentives align.
As foundational rails converge, the focus will shift from connectivity to orchestration. AI, rather than human choice, will increasingly route and optimize payments. Once that tipping point arrives, the acceleration will be dramatic.
There are interoperability challenges. As nations seek greater financial autonomy, some are building parallel payment infrastructures or accelerating the development of sovereign digital currencies to reduce reliance on dominant currencies—particularly the U.S. dollar—as crypto and tokenized value scales. This risks the creation of new silos just as technology is making interoperability more achievable. Instead of a unified global framework, the world could see fragmented networks defined by strategic alliances and competing standards, complicating cross‑border settlement and slowing the very convergence that would enable money to move seamlessly.
FUNDAMENTAL QUESTIONS
It’s important to consider the kind of financial world we want to build. Are we creating a system that provides choice and empowers individuals, businesses, and communities, or one that puts control in the hands of a few key players?
How do we ensure that innovation fosters trust, transparency, and opportunity, instead of creating more complexity and uncertainty? While the road ahead is under construction, its destination should be clear: a world where money moves as effortlessly as information, making life simpler, easier, and more rewarding for all.
Ken Moore is the chief innovation officer at Mastercard.
