Over the last decade or so, a quiet but noticeable transformation has been taking place in the world of payments. The nature and extent of this transformation is not uniform across all geographies but for the first time, all markets – rich or poor, small or large, developed or developing – have the opportunity to participate in this transformation through innovative use of technology, fresh ideas and pragmatic yet creative business models.
Approaches to innovation differ. Markets with well developed banking infrastructures and high volumes of electronic payments are incorporating advances that make use of available payment infrastructure rather than starting things from scratch. The overriding objectives are to provide greater convenience and utility to end users, minimise transactions costs, and at the same time efficiently mitigate and manage payment risks.