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The design and adoption of fast payments

Author

Listed:
  • Aurazo, José

    (Bank for International Settlements, Mexico)

  • Franco, Cecilia

    (Bank for International Settlements, Mexico)

  • Frost, Jon

    (Bank for International Settlements, Mexico)

  • Koo Wilkens, Priscilla

    (Bank for International Settlements, Switzerland)

  • Kosse, Anneke

    (Bank for International Settlements, Switzerland)

  • Shreeti, Vatsala

    (Bank for International Settlements, Switzerland)

  • Velásquez, Carolina

    (Banco de la República Colombia, Colombia)

Abstract

The payments landscape is evolving rapidly, and fast payment systems (FPS) have emerged globally as a key innovation. Jurisdictions differ in their approach to designing FPS and in user adoption. In this paper we lay out the main design features of FPS that may foster adoption based on a novel qualitative and quantitative dataset of FPS in 13 jurisdictions. Cross-country regressions suggest that adoption of fast payments is greater when there are more use cases, more cross-border connections, when non-banks can participate in the FPS and when the public sector plays an active role in the FPS. In addition, we find that implementing an FPS improves financial inclusion, beyond payments.

Suggested Citation

  • Aurazo, José & Franco, Cecilia & Frost, Jon & Koo Wilkens, Priscilla & Kosse, Anneke & Shreeti, Vatsala & Velásquez, Carolina, 2024. "The design and adoption of fast payments," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 18(4), pages 366-380, December.
    • Handle: RePEc:aza:jpss00:y:2024:v:18:i:4:p:366-380
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    More about this item

    Keywords

    fast payments; instant payments; fast payment systems; cross-border payments; digital innovation; financial inclusion;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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