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Payments in Emerging Markets

Fast Payments Move to Multi-Country Systems

Fast Payments Move to Multi-Country Systems

Real-time retail payments (RTRP), or “instant payments” systems developed in recent years, primarily enable faster payments within a single country, while payment processing across national borders largely continues to be a patchwork of agreements.

The session is designed to provide insights on developments in cross-border payments. It examines the latest initiatives to link multi-country fast payments systems, as well as ambitious efforts to ultimately progress towards creating a global system through regional payment hubs.

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The Rise of Domestic Fast Payment Systems

The Rise of Domestic Fast Payment Systems

Domestic fast payments are in varying stages of development around the world. Several countries have fast payment systems that have been operational for several years, while others, such as the US, are still relatively early in their fast payments journey. What trends drive fast payment adoption and what motivates central banks and private entities alike to build real-time infrastructure and overlays?

This session is designed to provide an overview of fast payment systems, exploring both commonalities and unique attributes of domestic systems around the world. It also highlights notable examples from specific countries where fast payment systems saw rapid adoption, and the factors that contributed to their success.

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India’s Incredible Payments Journey

India’s Incredible Payments Journey

With the introduction of the Payment and Settlement Systems Act of 2007, India set itself on a bold mission to modernize its payments infrastructure and in the process has become a case study for payments systems transformation at scale. In this session we review the core components of India’s modern retail payments system. We explore initiatives such as the Bank of India’s 2011 recommendation to introduce the Aadhaar-based eKYC process. The session also considers the delicate balancing act required to maintain competition and control within a national payments infrastructure.

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