Solving payments interoperability for universal financial access
March 4, 2016 Editor 0
Interoperability was a trending topic at this week’s Mobile World Congress (MWC) 2016.
Getting payment products to “understand” each other, or to be “interoperable,” is a big challenge to solve if we want to expand overall digital services and financially include the 2 billion people worldwide who are currently excluded from the formal financial system.
Making it easy for people to access transaction accounts and payment services matters.
We see interoperability as a means for people worldwide to make electronic payments in a convenient, affordable, fast, seamless and secure way through a transaction account.
When payment systems are interoperable, they allow two or more proprietary platforms or even different products to interact seamlessly. Interoperability can promote competition, reduce fixed costs and enable economies of scale that help ensure the financial viability of the service and make payment services more convenient.
Categories: World Bank PSD
Subscribe to our stories
- Lessons from Five Years of Helping Governments Foster Incentives Transparency February 18, 2017
- Spatial Growth Solutions, Multi-Stakeholder Engagement, and Fish: Innovative Public-Private Dialogue in Mauritania’s Nouadhibou Free Zone February 18, 2017
- Making climate finance work in agriculture February 18, 2017
- Using a value chain approach to focus animal genetic interventions February 18, 2017
- Looping in local suppliers rather than forcing out international firms February 18, 2017