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Real-time retail payments or faster payments: Evidence from select countries on consumer attitudes and the importance of dependability
To date, some 54 countries have access to real-time retail payments systems (RTRPS). With many other systems currently under development, this number could exceed 100 in the next few years. Many countries without a widely available and accessible infrastructure for payment acceptance are leveraging RTRPS to build applications that employ QR codes or other means to transform payments. Many other countries have also been leveraging the RTRPS infrastructure to integrate e-money institutions or FinTechs into the payments ecosystem, to drive competition and innovation and to improve financial inclusion. In this way, faster and real-time payments systems are becoming an increasingly important critical national infrastructure and hence vital for enabling economic development. Thus, as economies leverage these systems, it is essential that they be dependable. This paper investigates the dependability of faster payments based on market research findings from six countries — three with developed economies (Australia, Japan and the UK) and three with developing economies (India, Mexico and Thailand). Based on the findings, the paper discusses policy implications and suggests approaches to implementing real-time payment systems.
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Andrew Buckley is Executive Vice President for New Payment Platform Products at Mastercard, where he leads Mastercard’s real-time infrastructure, real-time applications, push payments and open banking products. He is an advisory board member at the UK Institute of Direct & Digital Marketing, an author, conference speaker, and the holder of several patents.
Mahadevan Balakrishnan is currently with the Payment System Development Group, World Bank, helping multiple developing nations improve their financial market infrastructure. Prior to that he was Chief Operating Officer of the National Payments Corporation of India (NPCI), responsible for Business, Operations and Technology. In that role he was involved in the creation of multiple retail payment infrastructures for the country, covering NFS ATM Network, the Immediate Payment System (IMPS), ACH, cheque truncation systems, the automation of 1000+ clearing houses in India with a standard solution, AADHAAR-based payment ecosystems for direct benefit transfer schemes, and the RUPAY domestic cards scheme, thus helping NPCI deliver its vision of simple, easy, convenient and cost-effective retail payment systems for all Indians. The systems he helped create in India facilitated the PMJDY financial inclusion schemes and the Direct Benefits Transfer to Bank Accounts schemes, saving India billions of Rupees. He has over 25 years of banking/technology leadership/ management experience with leading banks such as ABN AMRO Bank, Barclays and Citibank, and he was also involved in the implementation of some of the payment systems for these banks. He is a postgraduate in Business Administration (MBA) and in Bank Management (MBM), and has a Doctorate (PhD) in Financial Management/Payments. He has published several papers relating to payment systems in national and international journals.