What is a primary reason some countries are modernizing their payment infrastructures?

The primary reason some countries are modernizing their payment infrastructures is to better coordinate cross-border payment processes. As globalization continues to expand, the demand for efficient, reliable, and quick payment solutions across borders has grown. Modernizing payment systems enables countries to adopt technologies that facilitate faster transactions, reduce costs, and enhance security, all of which are essential in a global market which often involves multiple currencies and regulatory environments.

By improving the infrastructure, countries can streamline the way payments are processed internationally, enabling businesses and consumers to make and receive payments more easily and quickly across borders. This modernization is key to fostering international trade, enhancing consumer confidence, and attracting foreign investment, all of which underpin economic growth and development.

In contrast, maintaining outdated technology, reducing transaction speeds, or limiting access to payment service providers would not address the needs of modern economies nor support the goals of efficiency, security, and accessibility that are critical for successful international payment systems.