Report of the Webinar on Digital Payments Dialogue held by RIS: Experiences among Developing Countries
Digital payment channels are rapidly evolving in developing countries. They are at different stages of evolving an inclusive digital financial system. In addition to prioritizing and promoting digital financial services (DFS), an inclusive financial system needs to promote a well-coordinated and monitored national strategy with distinct action plans. The more participants enter the space of digital payment value chain, the greater system functionality can be ensured with sufficiently low costs and a high probability of attractive returns. However, including more participants may also increase the system’s vulnerability, particularly as networks and products become inter-operable. Providers may, therefore, need to make trade-offs between full security and low cost and/or robust functionality. As digital innovation is redefining what it is to be a service provider, financial regulators have to take a more proactive, data-driven approach to engagement with the industry.
Knowledge Sharing Points:
- Experiences of moving from cash to digital transactions in different geographies
- How DFS has proven effective during the pandemic, its growth prospects beyond the pandemic especially to deal with issues pertaining to the financial exclusion or underserved citizens
- Current and emerging developments for open innovations and technology
- Role of governments as an enabler and regulator
- Scope of partnership and collaboration between India and Africa for safe, secure and real time access to money by the customers
Download the complete report from below or visit the RIS website.