By Walter Grand in Economy —

SWIFT will probably no longer exist in 5 years - CEO of Mastercard

SWIFT will probably no longer exist in 5 years - CEO of Mastercard
Photo by Ron McClenny / Unsplash

Mastercard's CEO recently responded in the negative to the question of whether SWIFT will exist in five years.

SWIFT is currently a monopoly when it comes to cross-border payments, but its footing in this space is rapidly eroding with the introduction of blockchain and digital assets.

The future is likely to focus on digital blockchain networks that will take over that role, as well as the growth of CDBCs in financial systems, Meebach said.