“Last year the U.S. contributed close to 20% of the world's gross domestic product despite coming off the back of the biggest economic downturn since the 1930s Great Depression. The U.S., U.K., Germany, Russian and former Soviet states, and China dominate the world's payment landscape, but in volume of nonbank payments the U.S. dominates with more than half of the world's total. In terms of global electronic payments and transactions, the picture is similar with Canada and the U.S. still accounting for half the global payments volume in the last few years. It would be reasonable to think that this is due, at least in part, to a healthy payments and banking infrastructure.
But this is not a globally progressive payments system.”
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