Innovation in Payments : Opportunities and Challenges for EMDEs
The global economy is undergoing a rapid digital transformation that is changing many conventional notions about our behavior and preferences. This includes the way in which we, as consumers, as businesses, or in interactions with government, seek...
| Main Authors: | , |
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| Format: | Technical Note |
| Language: | English |
| Published: |
World Bank, Washington, DC
2022
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/099735104212220539/P1730060f0f36d0ef09ecb0c5e283741c3a http://hdl.handle.net/10986/37357 |
| Summary: | The global economy is undergoing a
rapid digital transformation that is changing many
conventional notions about our behavior and preferences.
This includes the way in which we, as consumers, as
businesses, or in interactions with government, seek out
goods and services and pay for them or how we receive money
from others or transfer it to family or friends. As the
payments industry undergoes radical changes due to digital
transformation, users, providers of payment services, and
regulators are adapting to the new dynamics at varying
paces. This note discusses the most significant innovations
in payments and their key impacts and implications on users,
banks and other payment service providers, regulators, and
the overall structure of the payments market. The note
places special emphasis on how emerging markets and
developing economies (EMDEs) can reap the benefits of
payment innovations in terms of costs, convenience,
accessibility, and inclusion for individuals and firms, and
allow them to leapfrog development of their payments markets
and effectively support economic activity. |
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