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.
- Establishing payments interoperability: coordination is key
- SKA strengthening the African agenda – Zuma
- How to Assess your Organization’s Capability to Innovate
- AGRF session on transforming dairy value chains in Africa: Pathways to prosperity
- What’s next for the Competitive Cities initiative: ‘To travel far, let’s travel together’
- Kenya: Global Innovation Week Set for Nairobi
Categories: World Bank PSD
Subscribe to our stories
- SL Crowd Green Solutions September 21, 2020
- Digital transformation in the banking sector: surveys exploration and analytics August 3, 2020
- Why Let Others Disrupt You? Take the Smart Self-Disruption Journey! August 3, 2020
- 5 Tips for Crowdfunding During the Pandemic August 3, 2020
- innovation + africa; +639 new citations August 3, 2020