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Fast payments: design and adoption

Author

Listed:
  • Jon Frost
  • Priscilla Koo Wilkens
  • Anneke Kosse
  • Vatsala Shreeti
  • Carolina Velásquez

Abstract

The payments landscape is evolving rapidly, and fast payment systems (FPS) have emerged as a key innovation. Jurisdictions differ in their approach to designing FPS and in user adoption. In this article we lay out the main design features of FPS that may foster adoption. Cross-country regressions suggest that adoption of fast payments is greater when the public sector plays an active role in the FPS. Other design factors important for adoption are non-bank participation, more use cases and more cross-border connections.

Suggested Citation

  • Jon Frost & Priscilla Koo Wilkens & Anneke Kosse & Vatsala Shreeti & Carolina Velásquez, 2024. "Fast payments: design and adoption," BIS Quarterly Review, Bank for International Settlements, March.
    • Handle: RePEc:bis:bisqtr:2403c
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    References listed on IDEAS

    as
    1. Raphael Auer & Giulio Cornelli & Jon Frost, 2022. "The pandemic, cash and retail payment behaviour: insights from the future of payments database," BIS Working Papers 1055, Bank for International Settlements.
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    More about this item

    JEL classification:

    • H41 - Public Economics - - Publicly Provided Goods - - - Public Goods
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General

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