From Remittances to M-Payments : Understanding 'Alternative' Means of Payment within the Common Framework of Retail Payment System Regulation
Retail payment systems play an important role in the smooth functioning of any economy, and thus any inefficiency in the retail payments market can send negative effects cascading throughout the financial realm. The World Bank Global Payment System...
| Main Author: | |
|---|---|
| Format: | Working Paper |
| Language: | English en_US |
| Published: |
Washington, DC
2015
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2015/05/18821506/remittances-m-payments-understanding-alternative-means-payment-within-common-framework-retail-payments-system-regulation http://hdl.handle.net/10986/22121 |
| Summary: | Retail payment systems play an important
role in the smooth functioning of any economy, and thus any
inefficiency in the retail payments market can send negative
effects cascading throughout the financial realm. The World
Bank Global Payment Systems Survey 2010 has shown that
inefficiencies persist in the payment systems of many
middle-income and low-income countries, with cash continuing
to be the most widely used instrument for small-value
payments. A number of issues are responsible for this
pattern, and the lack of a coherent, holistic strategy for
the development of retail payment systems is among the most
common. The lessons learned during more than a decade of
World Bank Group technical assistance, along with the
research findings of other international and national
agencies, have been merged into a comprehensive package for
the development and reform of the national retail payments
system: a) developing a comprehensive national retail
payments strategy aims to provide public authorities and
market participants with detailed guidance on how to develop
and implement a comprehensive, strategic retail payments
reform ; b) a practical guide for retail payments
stocktaking identifies a methodology for undertaking a
detailed stocktaking of a countrys retail payments
landscape; c) from remittances to m-payments: Understanding
alternative means of payment within the common framework of
retail payments system regulation explores the development
of a normative framework to underpin an efficient retail
payments industry, including the so-called innovative
payment mechanisms; and d) innovations in retail payments
worldwide: a snapshot: outcomes of the global survey on
innovations in retail payments instruments and methods 2010
presents the results of the first World Bank survey among
central banks that collected information on innovative
retail payment products and programs. |
|---|