In a report published today by the Committee on Payment and Settlement Systems (CPSS), central bankers analyse innovations in retail payments.
The report, Innovations in retail payments, first provides an overview of innovative retail payment activities in the CPSS and several other countries from a fact-finding exercise that attempted to cover influential developments in retail payment instruments and schemes over the past decade.
Second, based on the trends observed and the economics of retail payments, the report identifies a number of exogenous and endogenous factors that could serve as drivers for retail payment innovations or as barriers to them. The analysis was also used to suggest some pointers as to what can be expected over the next five years.
Finally, the report identifies a number of issues for central banks concerning their various responsibilities and tasks as catalysts, overseers and/or operators of payment systems.