Rethinking domestic ecosystems: Why infrastructure alone won’t future-proof payments

What’s next for payments?

Building the future of payments isn’t just about laying down modern rails - it’s about designing an ecosystem that can flex, adapt, and thrive in a world where the pace of change is only accelerating. Infrastructure is just the starting line.

The real challenge? Creating a payments environment that can evolve - one that supports diverse needs:

• Regulators want stability and safety while looking for innovation.
• Consumers demand speed, personalization and security.
• PSPs and fintechs chase growth and innovation.

Each stakeholder has different goals - but the common ground is clear: a future-proof, secure, customer-centric payments system that delivers value at speed.

So, how do we get there?

Start with strong foundations - but don’t stop there

Yes, you need the essentials:

• Bulk payments for planned corporate flows.
• Instant payments for SMEs, merchants, and consumers.
• Standards like ISO 20022 and alignment with CPMI and the upcoming Instant Payments Plus guidelines.

But real impact and broad adoption come from what you build on top - value-added services that reduce fraud, interoperability between the new and existing ecosystem, and personalized experiences that drive loyalty.

Consider this: 73% of consumers would feel more positive about their bank if it proactively stopped a scam in real time (FICO Global Scams Impact Survey 2024). That’s not just customer protection - that’s customer retention.

Unlocking the future: three pillars that matter

1. Access

PSPs and third-party providers must move in sync with the speed of change. That means going beyond compliance. It means collaborating on a future-ready framework where access is regulated but also strategically inclusive.

As Helena Forest, EVP, global product and commercial, Real-Time Payments at Mastercard emphasized during a recent panel on instant payments:

Planning for diverse market needs isn’t a barrier - it’s a blueprint for sustainable innovation.

2. Cross-collaboration

Why run parallel systems when consolidation can drive efficiency? As real-time payment limits rise, they’re starting to replace traditional Real-Time Gross Settlement (RTGS) flows. This opens the door for a single, smart domestic scheme - one that routes payments based on SLAs and pricing, not outdated rails.

3. Interoperability

Tomorrow’s payments landscape won’t be defined by one or two dominant rails. It’ll include everything from stablecoins and CBDCs to atomic settlement and regulatory liability networks. Whether these models scale or not, one thing is certain: we need built-in optionality and cross-border interoperability.

But enabling true interoperability isn’t just a technical lift - it’s about aligning the broader ecosystem. Forest pointed out, Thailand’s success shows how government support and the introduction of digital ID for interoperability can accelerate adoption and build the trust needed for systems to connect and scale.

Designing for agility, innovation, and long-term value

Future-ready payment ecosystems aren’t just built - they’re designed to evolve and thrive. Success depends on the ability to stay agile, innovate, and adapt as conditions change. It calls for planning that anticipates multiple futures, not just one - a scenario-based approach that builds resilience into strategy from the start.

Control and sovereignty within the ecosystem are equally critical, ensuring that infrastructure can flex without compromising trust or oversight. And while technology is accelerating everything, we can’t lose sight of the human element. Even in an AI-driven world, payments are ultimately about trust, inclusion, and delivering value to real people.

The future of payments demands more than just building solutions - it’s about orchestrating an ecosystem that’s safe, scalable, and that meets people where they are and gives them the freedom to pay and get paid on their terms.

Download our latest white paper, "What’s next for real-time payments", to explore the trends shaping the next generation of payment innovation.