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Innovation in Retail Payment Services in Major Economies

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  • Retai Payment Systems Group, Payment and Settlement Systems Department

    (Bank of Japan)

Abstract

Major economies have embarked on various innovative means for enhancing retail payment services. These include such measures as real-time settlement of bank transfers and linking remittance information with payment information for financial electronic data interchange (EDI). In Japan, meanwhile, the government released the revised Japan Revitalization Strategy in June 2014, which includes enhancement of the payment and settlement system to make financial markets more efficient. When introducing such measures, it is important to take stock of recent developments in major economies, and to improve real-time bank transfers and achieve financial EDI while considering the situation in Japan. The Bank of Japan will help financial institutions and other stakeholders steer such initiatives to enhance retail payment services, and will collaborate with the Japanese government.

Suggested Citation

  • Retai Payment Systems Group, Payment and Settlement Systems Department, 2014. "Innovation in Retail Payment Services in Major Economies," Bank of Japan Review Series rev14e03, Bank of Japan.
    • Handle: RePEc:boj:bojrev:rev14e03
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    Keywords

    retail payment; financial EDI; ISO20022;
    All these keywords.

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