The pandemic has made clear the bottlenecks within current payment systems. Governments are seeking ways to bolster consumer demand and prop up businesses, and cash use is declining. Alongside this, more than 1bn people remain outside the formal financial system. Policy-makers are more aware than ever of the need for more efficient digital payments systems.
There have been notable innovations in electronic payments, including mobile banking and other fintech platforms. There is also increasing interest in central bank digital currency as a new form of fiat money, though there are still many practical considerations to address.
For the launch of the latest OMFIF Digital Monetary Institute report on the future of payments, a panel discusses these initiatives, outlining next steps for national and cross-border governance frameworks. It discusses when and how differing payment innovations are necessary, the role of technologies such as blockchain and the challenges ahead for public-private partnerships.
The session features a presentation of the report findings, including the results of a survey of senior central bankers and contributions from industry leaders. The publication serves as an important tool to encourage forward-looking conversations among all players in the payments space.