Revolution in the payments landscape in the Digital Age
Payment services play a fundamental role in our daily lives and for the economy. The payment services market has changed significantly in recent years. Electronic payments have been constantly growing. The trend towards digitalisation was accelerated by the COVID-19 pandemic, leading to a surge in online transactions and contactless payments in shops. The digital transformation is triggering a revolution in the financial sector, especially in payments, which will bring innovation as well as benefits in terms of costs, convenience, accessibility, and inclusion for individuals and firms, but also risks (e.g. fraud). New providers, enabled by digital technologies, have entered the market. Fintech companies have sparked the latest wave of innovation, speeding up the evolution of the payment system that also plays to the strength of big tech. To advance digital payments, promote innovation and enhance safety and efficiency in the financial sector, central banks have multiple tools at their disposal. One prominent option is to issue a Central Bank Digital Currency (CBDC). Another is to build Fast Payment Systems (FPS). Speakers will illustrate the most significant innovations in payments and their key impacts and implications on users, banks and other payment service providers, regulators, and the overall structure of the payments market, as well as the major public-private partnerships in payment systems.