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Contents
Foreword ...............................................................................................................................iii Executive summary ............................................................................................................... 1 Section 1: Introduction ........................................................................................................... 3 Section 2: Innovations in retail payments: fact-finding exercise ............................................. 5
2.1 Payment habits in the CPSS countries ................................................................ 5
2.2 Methodological aspects of the fact-finding...........................................................6
2.3 Types of innovation ............................................................................................. 9
2.3.1 Process-oriented categorisation ............................................................... 10
2.3.2 Product-related categorisation.................................................................. 12
2.4 Purposes of innovations .................................................................................... 15
2.5 Trends for retail payments.................................................................................15
Section 3: Characteristics of the retail payment market ....................................................... 17
3.1 Special features of the retail payment market.................................................... 17
3.1.1 Economics of payment production: economies of scale and scope .......... 18
3.1.2 Economics of payment consumption: network effects, platform competition and two-sided markets ............................................................................. 18
3.1.3 Economics of club goods.......................................................................... 19
3.2 Innovation in retail payment markets and social welfare....................................19
Section 4: Drivers for and barriers to retail payment innovations ......................................... 24
4.1 Exogenous factors for retail payment innovations.............................................. 25
4.1.1 Technical developments...........................................................................25
4.1.2 The influence of user behaviour ............................................................... 25
4.1.3 The demand for real-time or near real-time payment processing ............. 28
4.1.4 Public transport as a trigger for innovation ............................................... 31
4.1.5 Innovation and financial inclusion ............................................................. 32
4.1.6 The role of regulation ............................................................................... 36
4.2 Endogenous factors for retail payment innovations ........................................... 38
4.2.1 Role of cooperation .................................................................................. 38
4.2.2 The role of standardisation ....................................................................... 41
4.2.3 Pricing and price structure........................................................................44
4.2.4 Security aspects ....................................................................................... 46
Section 5: Outlook ............................................................................................................... 49 Section 6: Issues and challenges for central banks ............................................................. 51
6.1 Monitoring and assessing the relevant developments........................................ 52
6.2 Communication, publication and transparency .................................................. 53
6.3 Interoperability and interconnectivity between different payment systems ......... 54
6.4 Effective payments oversight and cooperation with other authorities.................54
6.5 Impact on the operational activities of central banks.......................................... 56
6.6 Impact on cash .................................................................................................. 56
6.7 Impact on monetary policy.................................................................................57
Annex 1: Total number of transactions based on cashless payments (2010)....................... 59 Annex 2: Description of the reported innovations.................................................................60 Annex 3: Reported innovations by product group ................................................................ 74 Annex 4: Summary of the CPSS fact-finding exercise ......................................................... 77 Annex 5: Major regulatory developments.............................................................................81 Annex 6: Central bank involvement in retail payments.........................................................86 Annex 7: Members of the working group.............................................................................. 89