The future of payments is here.
Payments are being utterly transformed by new technology. The way we pay for goods and services has evolved constantly over the past 50 years. Service providers such as Visa and Mastercard became a feature of daily life. We discovered PayPal, Apple Pay and Alipay, and then found that our mobile phones were all we needed to shop. As the means of payment changed, whole infrastructures adapted and developed around them.
Fintechs are injecting greater innovation, collaboration and competition into the payments arena and broader financial services. The advent of digital currencies has spurred a wave of research from governments and central banks. There is much potential for profound changes in how central banks can promote better speed, security and access to payments.
The pace of change in payments today is unprecedented. This report examines how the future of payments will look, and surveys central banks’ and regulators’ opinions as to the challenges and opportunities they face.
Insights for the future from across the payments industry
This is a landmark report from OMFIF (Official Monetary & Financial Institutions Forum) DMI (Digital Monetary Institute), a high-level group which convenes policy-makers, technologists, financiers and regulators to explore the challenges and opportunities of digital finance. The report builds on OMFIF fields research and survey work and pulls in contributions and perspectives from Algorand, Citi, Cypherium, GrabPay, Mastercard, Novi (from Facebook), PayPal and SWIFT.