G20 Report 2025: Scorecard Report on Direct Access and Price Transparency (Wise)

Summary

• The United Kingdom was the only market to achieve a 5/5 rating for price transparency following FCA guidance published in May 2025.p.11
• US consumers are projected to lose $19 billion in obscured FX markups in 2025, with potential losses reaching $46 billion by 2027.p.11
• Australian consumers are projected to lose nearly $4 billion in hidden fees in 2025 following a downgrade of Australia's transparency rating to 1/5.p.11
• According to research by Consumers International, 57% of consumer bodies cite a lack of fee transparency as a key driver of distrust in digital finance.p.9

Key insights

1. The European Union was upgraded to a 5/5 direct access rating following amendments to its Settlement Finality Directive.p.10
2. The Reserve Bank of India improved India's price transparency score to 3/5 by requiring invoices that show fee and markup breakdowns.p.11
3. The United States was downgraded to a 3/5 price transparency rating after the CFPB rescinded a circular on deceptive marketing practices in May 2025.p.11
4. Non-bank payment service providers in Argentina participate via registered Payment Service Provider status under BCRA oversight rather than via direct central bank access.p.14
5. The Central Bank of Argentina operates national payment infrastructures including the Electronic Payment System (SPE) and Immediate Debit System (DEBIN).p.15
6. The Argentine government aims to fully dismantle 'el cepo' capital controls with a target set for 2026.p.16