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Committee on Payments and Market Infrastructures World Bank Group Payment aspects of financial inclusion in the fintech era April 2020 This publication is available on the BIS website www.bis.org. Bank for International Settlements 2020. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISBN 978-92-9259-345-2 print ISBN 978-92-9259-346-9 online Payment aspects of financial inclusion in the fintech era – April 2020 iii Table of contents Foreword .................................................................................................................................................................... 1 cutive summary ................................................................................................................................................. 2 1. Introduction ....................................................................................................................................................... 4 2. Fintech developments of relevance to the payment aspects of financial inclusion ............. 6 2.1 New technologies ................................................................................................................................. 7 2.1.1 Application programming interfaces ......................................................................... 7 2.1.2 Big data analytics ............................................................................................................... 8 2.1.3 Biometric technologies .................................................................................................... 9 2.1.4 Cloud computing ............................................................................................................... 9 2.1.5 Contactless technologies .............................................................................................. 10 2.1.6 Digital identification ........................................................................................................ 12 2.1.7 Distributed ledger technology .................................................................................... 14 2.1.8 Internet of things .............................................................................................................. 14 2.2 New products and services ............................................................................................................. 15 2.2.1 Instant payments .............................................................................................................. 15 2.2.2 Central bank digital currencies ................................................................................... 18 2.2.3 Stablecoins .......................................................................................................................... 20 2.3 New access modes ............................................................................................................................. 20 2.3.1 Electronic wallets .............................................................................................................. 20 2.3.2 Open banking .................................................................................................................... 21 2.3.3 Super apps .......................................................................................................................... 23 3. Opportunities and challenges of fintech developments in driving access to and usage of transaction accounts .............................................................................................................................. 25 3.1 Transaction account and payment product design .............................................................. 25 3.1.1 Instant payments satisfy the demand for greater speed and end user control................................................................................................................................... 25 3.1.2 Open banking has the potential to augment the usefulness of transaction accounts ............................................................................................................................... 28 3.1.3 Digital ID simplifies customer due diligence ......................................................... 29 3.1.4 The design of central bank digital currencies can aim at providing universal access to a basic means of payment ..................................................... 30 3.1.5 Super apps cover a wide range of payment needs in their users’ daily lives ........................................................................................................................................ 31 iv Payment aspects of financial inclusion in the fintech era – April 2020 3.2 Readily available access points...................................................................................................... 32 3.2.1 New products and services change the demand for physical access points and cash ............................................................................................................................... 32 3.2.2 Electronic wallets in combination with contactless technologies can expand the number of acceptance points at low cost ...................................... 33 3.3 Awareness and financial literacy ................................................................................................... 34 3.3.1 End users’ digital capabilities do not always keep pace with product evolution .............................................................................................................................. 34 3.3.2 Big data analytics can break down knowledge barriers or reinforce exclusion patterns ............................................................................................................ 35 3.4 Leveraging large-volume recurrent payment streams ......................................................... 36 3.4.1 Cross-border retail payments innovation can benefit from a mix of fintech developments .................................................................................................................... 36 3.4.2 Electronic wallets in combination with contactless technologies could support the efficient use of transaction accounts for transit payments..... 38 4. The role of the basic foundations in harnessing fintech’s opportunities while addressing the challenges ......................................................................................................................... 39 4.1 Public and private sector commitment ...................................................................................... 39 4.1.1 Fintech developments call for increased international and cross-sectoral coordination between authorities ............................................................................. 39 4.1.2 A collaborative approach to fintech is key to making an impact .................. 40 4.1.3 Regulators’ initiatives such as sandboxes, innovation hubs and innovation offices can foster the development of the fintech ecosystem ....................... 41 4.2 Legal and regulatory framework................................................................................................... 43 4.2.1 Adapted and new licensing frameworks enable new players to leverage fintech for innovative services ..................................................................................... 43 4.2.2 Data frameworks need to ensure privacy in the fintech era ........................... 45 4.2.3 Fintech developments may challenge the applicability of current oversight concepts and standards ................................................................................................. 46 4.2.4 Fintech developments should not compromise the effective protection of end user funds ................................................................................................................... 46 4.2.5 Regulatory technologies can support authorities in fulfilling their supervisory and oversight tasks and market participants in meeting requirements more effectively and efficiently ...................................................... 47 4.3 Financial and ICT infrastructures ................................................................................................... 49 4.3.1 Fintech developments highlight the opportunities and challenges of non- bank access to payment infrastructures .................................................................. 49 4.3.2 Fintech goes hand in hand with raising the bar for the cyber resilience of PSPs and financial infrastructures .............................................................................. 51 Payment aspects of financial inclusion in the fintech era – April 2020 v 4.3.3 Interoperability and geographical coverage of financial infrastructures can benefit from fintech developments .......................................................................... 53 5. Review of the PAFI guidance with focus on fintech ........................................................................ 55 6. Conclusions ..................................................................................................................................................... 61 Annex A Members of the task force ............................................................................................................. 62 Annex B Acronyms and abbreviations ......................................................................................................... 64 Annex C References ............................................................................................................................................ 67 Payment aspects of financial inclusion in the fintech era – April 2020 1 Foreword In 2016, the Committee on Payments and Market Infrastructures CPMI and the World Bank Group published the Payment aspects of financial inclusion PAFI report, which looked at financial inclusion from a payments perspective. The PAFI report envisaged that all individuals and businesses should have access to and use at least one transaction account operated by regulated payment service providers to i per most, if not all, of their payment needs; ii safely store some value; and iii serve as a gateway to other financial services. New applications of technology to financial services, often referred to as “fintech”, have accelerated in recent years. These developments have implications for how transaction accounts are provided, accessed and used as they underpin new products and services, such as instant payments, and enable new access modes, such as electronic wallets. The CPMI and the World Bank Group have been analysing fintech developments in various contexts. For example, the CPMI has issued reports on digital currencies November 2015, fast payments November 2016, distributed ledger technologies in payments, clearing and settlement February 2017 and, with the Markets Committee, central bank digital currencies March 2018. The World Bank Group, together with the International Monetary Fund, published the Bali Fintech Agenda, which offers a framework for the consideration of high-level issues by individual member countries. In October 2018, the CPMI-World Bank Group PAFI task force reconvened to deliberate on the experience gained from the implementation of the guiding principles and the accompanying key actions for consideration and the challenges ahead. In this last regard, the task force has produced this report to provide additional guidance on recent fintech developments that have relevant implications for PAFI’s underlying objectives. The CPMI and the World Bank Group are very grateful to the members of the task force, its co-chairmen Marc Hollanders Bank for International Settlements and Harish Natarajan World Bank Group and the co-leads of the fintech workstream, Maria Teresa Chimienti European Central Bank and Thomas Lammer Bank for International Settlements and erly European Central Bank. Jon Cunliffe Ceyla Pazarbasioglu Chair Vice President Committee on Payments and Market Infrastructures World Bank Group 2 Payment aspects of financial inclusion in the fintech era – April 2020 cutive summary Financial inclusion starts with payments. They serve as a gateway to other financial services, such as savings, credit and insurance. Transaction accounts operated by a regulated payment service provider are at the heart of retail payment services. To improve financial inclusion, these transaction accounts need to enable end users to meet most, if not all, of their payment needs and to safely store some value. On these key premises, the Committee on Payments and Market Infrastructures and the World Bank in 2016 issued guidance on payment aspects of financial inclusion PAFI CPMI-World Bank 2016, as laid out in the first section of this report. The 2016 PAFI report outlines seven guiding principles for public and private sector stakeholders and contains possible key actions for countries that wish to put these guiding principles into practice. Since then, the PAFI framework has been adopted as the analytical underpinning for designing and implementing country-level actions and global efforts to improve access to and usage of safe transaction accounts. Technological innovation has made major inroads into financial services, especially payments. The pace of innovation has substantially increased in the past five years, leading to the “era of fintech”. This report defines fintech as advances in technology that have the potential to trans the provision of financial services, spurring the development of new business models, applications, processes and products. New technologies are at the core of fintech, which in turn has implications for payment product offerings and access modes. Section 2 of the report provides an overview of fintech developments that are relevant to the payment aspects of financial inclusion. Fintech presents both opportunities and challenges in improving access to and usage of safe transaction accounts, as discussed in Section 3. Fintech can be leveraged to improve the design of transaction accounts and payment products, make them ubiquitously accessible, enhance user experience and awareness, and achieve efficiency gains and lower market entry barriers. At the same time, these benefits come with certain risks in terms of operational and cyber resilience, the protection of customer funds, data protection and privacy, digital exclusion and market concentration. If not adequately managed, these risks could undermine financial inclusion outcomes. This underscores the importance of effective regulatory, oversight and supervision frameworks. In addition, particul
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