It’s not news the COVID-19 pandemic and lockdowns accelerated an existing shift to digital financial services, including payments.
” The aim for payments policy should be inclusion. Inclusion delivers benefits across society. It does seem inevitable cash will continue to decline in use, probably at an accelerating rate.
The latest issue of the International Monetary Fund’s (IMF) Finance and Development Journal carries an analysis of the shift.
“The future of money is undoubtedly digital,” writes F&D editor-in-chief Gita Bhatt. “The question is: what is it going to look like?”
The IMF looks particularly at opportunities and potential risks of digital currencies but there is another critical dimension here: financial inclusion.
The Bank for International Settlements (BIS) analysed this in a paper “Payments aspects of financial inclusion in the fintech era”. The BIS says “financial inclusion starts with payments as they serve as a gateway to other financial services, such as savings, credit and insurance”.
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