This year, advancements in technology have instigated remarkably rapid change in the payments industry. OMFIF's Future of payments 2024 features an extensive survey of central banks on their concerns and priorities for payments in the near and long term.
The commitment to improve cross-border payments is stronger than ever in the official sector. A host of potential solutions are taking shape across both the public and the private sector – with some of the most fruitful work emerging from the intersection of the two.
Key findings:
- Project mBridge remains the most advanced multi-currency central bank digital currency platform, but liquidity issues and governance concerns still pose limitations for widespread adoption.
- The interoperability models of CBDC design will be a key consideration for global payments going forward, with a hub-and-spoke model being favoured by survey respondents.
- Despite the growing popularity and importance of stablecoins, the official sector remains sceptical of ceding control of tokenised cash to the private sector.
- Instant payments systems are rapidly growing in importance, with 47% of survey respondents selecting it as the most promising avenue for improving cross-border payments.
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