Fragmentation in global payments is accelerating, driven by geopolitical tensions, competing regulatory frameworks, and rapid innovation in digital finance.

Rich Verma, chief administrative officer at Mastercard; Rashad Cassim, deputy governor of the South African Reserve Bank; and researcher Greg Brownstein join the Atlantic Council's Alisha Chhangani to discuss where fragmentation is emerging, what it means for cross-border payments, and how policymakers and the private sector can balance resilience and interoperability in the global financial system.