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...

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Main Authors:	World Bank, International Monetary Fund
Format:	Technical Note
Language:	English
Published:	World Bank, Washington, DC 2022
Subjects:	DIGITAL TRANSFORMATION PAYMENT SERVICES PAYMENT INDUSTRY EMERGING MARKETS AND DEVELOPING ECONOMIES (EMDES) DEVELOPING ECONOMY PAYMENT SYSTEMS MONEY TRANSFER PAYMENT INNOVATION FINTECH EMDE PAYMENT MARKET
Online Access:	http://documents.worldbank.org/curated/en/099735104212220539/P1730060f0f36d0ef09ecb0c5e283741c3a http://hdl.handle.net/10986/37357

id	okr-10986-37357
recordtype	oai_dc
spelling	okr-10986-373572022-04-30T05:10:37Z Innovation in Payments : Opportunities and Challenges for EMDEs World Bank International Monetary Fund DIGITAL TRANSFORMATION PAYMENT SERVICES PAYMENT INDUSTRY EMERGING MARKETS AND DEVELOPING ECONOMIES (EMDES) DEVELOPING ECONOMY PAYMENT SYSTEMS MONEY TRANSFER PAYMENT INNOVATION FINTECH EMDE PAYMENT MARKET 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. 2022-04-29T20:08:38Z 2022-04-29T20:08:38Z 2022 Technical Note http://documents.worldbank.org/curated/en/099735104212220539/P1730060f0f36d0ef09ecb0c5e283741c3a http://hdl.handle.net/10986/37357 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Report Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	DIGITAL TRANSFORMATION PAYMENT SERVICES PAYMENT INDUSTRY EMERGING MARKETS AND DEVELOPING ECONOMIES (EMDES) DEVELOPING ECONOMY PAYMENT SYSTEMS MONEY TRANSFER PAYMENT INNOVATION FINTECH EMDE PAYMENT MARKET
spellingShingle	DIGITAL TRANSFORMATION PAYMENT SERVICES PAYMENT INDUSTRY EMERGING MARKETS AND DEVELOPING ECONOMIES (EMDES) DEVELOPING ECONOMY PAYMENT SYSTEMS MONEY TRANSFER PAYMENT INNOVATION FINTECH EMDE PAYMENT MARKET World Bank International Monetary Fund Innovation in Payments : Opportunities and Challenges for EMDEs
description	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.
format	Technical Note
author	World Bank International Monetary Fund
author_facet	World Bank International Monetary Fund
author_sort	World Bank
title	Innovation in Payments : Opportunities and Challenges for EMDEs
title_short	Innovation in Payments : Opportunities and Challenges for EMDEs
title_full	Innovation in Payments : Opportunities and Challenges for EMDEs
title_fullStr	Innovation in Payments : Opportunities and Challenges for EMDEs
title_full_unstemmed	Innovation in Payments : Opportunities and Challenges for EMDEs
title_sort	innovation in payments : opportunities and challenges for emdes
publisher	World Bank, Washington, DC
publishDate	2022
url	http://documents.worldbank.org/curated/en/099735104212220539/P1730060f0f36d0ef09ecb0c5e283741c3a http://hdl.handle.net/10986/37357
_version_	1764487006792974336

Innovation in Payments : Opportunities and Challenges for EMDEs

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