Executive Summary
The global payments landscape is undergoing a profound transformation, with countries like Brazil, India, Sweden, Kenya, and Indonesia pioneering new systems that are faster, more inclusive, and increasingly digital-first. From real-time payment platforms and mobile wallets to open banking and QR code adoption, these innovations are reshaping commerce, expanding financial inclusion, and challenging traditional financial institutions to evolve. Each system reflects a unique mix of regulatory design, technology infrastructure, and consumer behavior—offering valuable lessons for US credit unions navigating growing competitive pressures from banks and fintechs.
This research brief synthesizes insights from nine international case studies and highlights both opportunities and risks for US credit unions. Beyond exploring how these countries are modernizing payments, the report concludes with five practical steps US credit unions can take to not only keep pace with global innovation but also shape the future of payments at home. In just 25 minutes, credit union leaders will gain a global perspective that can inform strategy, strengthen member value, and position their institutions for long-term relevance in a rapidly evolving financial ecosystem.
Credit Union Implications
For credit unions, the rise of global payment innovations isn’t just an international trend—it’s a direct signal of where member expectations are headed. As banks and fintechs push faster, cheaper, and more seamless payment options, credit unions must adapt or risk losing ground. This research offers leaders the insights needed to anticipate change, evaluate partnerships, and implement strategies that align with cooperative values while safeguarding members’ trust. Understanding these shifts now positions credit unions not only to stay competitive but to shape the future of payments in the U.S.
Filene’s Center for The Credit Union of the Future is generously funded by:
