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Innovations in payments

Author

Listed:
  • Morten Linnemann Bech
  • Jenny Hancock

Abstract

Technological innovation is transforming payments. Domestic payments are increasingly convenient, instantaneous and available 24/7. However, shortcomings in access to payments and cross-border payments remain. Lack of access to payments is a problem in some emerging market and developing economies. Improving cross-border payments will require international coordination. Initiatives to improve cross-border payments would benefit from better data to quantify both the extent and the drivers of the problems.

Suggested Citation

  • Morten Linnemann Bech & Jenny Hancock, 2020. "Innovations in payments," BIS Quarterly Review, Bank for International Settlements, March.
    • Handle: RePEc:bis:bisqtr:2003f
    as

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    References listed on IDEAS

    as
    1. Morten Linnemann Bech & Yuuki Shimizu & Paul Wong, 2017. "The quest for speed in payments," BIS Quarterly Review, Bank for International Settlements, March.
    2. Morten Linnemann Bech & Jenny Hancock & Tara Rice & Amber Wadsworth, 2020. "On the future of securities settlement," BIS Quarterly Review, Bank for International Settlements, March.
    3. Iqbal, Kazi & Roy, Paritosh K. & Alam, Shamsul, 2020. "The impact of banking services on poverty: Evidence from sub-district level for Bangladesh," Journal of Asian Economics, Elsevier, vol. 66(C).
    4. Tara Rice & Goetz von Peter & Codruta Boar, 2020. "On the global retreat of correspondent banks," BIS Quarterly Review, Bank for International Settlements, March.
    5. Raphael Auer & Rainer Boehme, 2020. "The technology of retail central bank digital currency," BIS Quarterly Review, Bank for International Settlements, March.
    6. Codruta Boar & Henry Holden & Amber Wadsworth, 2020. "Impending arrival - a sequel to the survey on central bank digital currency," BIS Papers, Bank for International Settlements, number 107.
    7. Morten Linnemann Bech & Umar Faruqui & Takeshi Shirakami, 2020. "Payments without borders," BIS Quarterly Review, Bank for International Settlements, March.
    8. Derryl D'Silva & Zuzana Filkova & Frank Packer & Siddharth Tiwari, 2019. "The design of digital financial infrastructure: lessons from India," BIS Papers, Bank for International Settlements, number 106.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Raphael Auer & Codruta Boar & Giulio Cornelli & Jon Frost & Henry Holden & Andreas Wehrli, 2021. "CBDCs beyond borders: results from a survey of central banks," BIS Papers, Bank for International Settlements, number 116.
    2. Max Fuchs, 2022. "CBDC as Competitor for Bank Deposits and Cryptocurrencies," MAGKS Papers on Economics 202210, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    3. repec:bre:bebook:45816 is not listed on IDEAS
    4. Morten Linnemann Bech & Umar Faruqui & Takeshi Shirakami, 2020. "Payments without borders," BIS Quarterly Review, Bank for International Settlements, March.
    5. Adrián Armas & Lucero Ruiz & José Luis Vásquez, 2022. "Assessing CBDC potential for developing payment systems and promoting financial inclusion in Peru," BIS Papers chapters, in: Bank for International Settlements (ed.), CBDCs in emerging market economies, volume 123, pages 131-151, Bank for International Settlements.
    6. Morales-Resendiz, Raúl & Ponce, Jorge & Picardo, Pablo & Velasco, Andrés & Chen, Bobby & Sanz, León & Guiborg, Gabriela & Segendorff, Björn & Vasquez, José Luis & Arroyo, John & Aguirre, Illich & Hayn, 2021. "Implementing a retail CBDC: Lessons learned and key insights," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 2(1).
    7. Raphael Auer & Philipp Haene & Henry Holden, 2021. "Multi-CBDC arrangements and the future of cross-border payments," BIS Papers, Bank for International Settlements, number 115.
    8. Shalva Mkhatrishvili & Wim Boonstra, 2022. "What we know on Central Bank Digital Currencies (so far)," NBG Working Papers 01/2022, National Bank of Georgia.
    9. Dr. Robert Oleschak, 2021. "Financial inclusion, technology and their impacts on monetary and fiscal policy: theory and evidence," Working Papers 2021-04, Swiss National Bank.
    10. Agustín Carstens, 2020. "Shaping the future of payments," BIS Quarterly Review, Bank for International Settlements, March.
    11. Tara Rice & Goetz von Peter & Codruta Boar, 2020. "On the global retreat of correspondent banks," BIS Quarterly Review, Bank for International Settlements, March.

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    More about this item

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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