Digital payment systems in emerging economies: Lessons from Kenya, India, Brazil, and Peru

IF 4.5 3区 经济学 Q1 ECONOMICS Information Economics and Policy Pub Date : 2024-10-09 DOI:10.1016/j.infoecopol.2024.101113
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Abstract

Digitalization of retail payments has facilitated financial inclusion. This is recognized to stimulate growth, alleviate poverty, and address gender disparities in the financial sector. This paper closely examines four prominent payment solutions in the developing world, namely M-Pesa in Kenya, UPI in India, Pix in Brazil, and Yape in Peru. These payment systems differ enough in their key characteristics to draw useful lessons from their successful implementation. We employ a descriptive approach based on a three-dimensional conceptual framework that emphasizes the role played by payment service providers, the role played by regulators and central banks, and the degree of payment system interoperability. We then attempt to make this framework operational by suggesting a way to quantitatively represent the four payment systems examined. While these varied experiences demonstrate that there is no one-size-fits-all solution, they highlight the necessity of active public-private sector cooperation and placing the end user at the center of such initiatives.
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新兴经济体的数字支付系统:肯尼亚、印度、巴西和秘鲁的经验教训
零售支付数字化促进了金融包容性。这被认为可以刺激经济增长、减轻贫困和解决金融领域的性别差异问题。本文仔细研究了发展中世界的四个著名支付解决方案,即肯尼亚的 M-Pesa、印度的 UPI、巴西的 Pix 和秘鲁的 Yape。这些支付系统在关键特征上有足够的差异,可以从它们的成功实施中吸取有益的经验教训。我们采用了一种基于三维概念框架的描述性方法,该框架强调支付服务提供商所扮演的角色、监管机构和中央银行所扮演的角色以及支付系统互操作性的程度。然后,我们试图通过提出一种方法来定量表示所研究的四种支付系统,从而使这一框架具有可操作性。这些不同的经验表明,并不存在放之四海而皆准的解决方案,同时也凸显了积极开展公私部门合作以及将最终用户置于此类行动中心的必要性。
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来源期刊
CiteScore
5.00
自引率
10.70%
发文量
27
期刊介绍: IEP is an international journal that aims to publish peer-reviewed policy-oriented research about the production, distribution and use of information, including these subjects: the economics of the telecommunications, mass media, and other information industries, the economics of innovation and intellectual property, the role of information in economic development, and the role of information and information technology in the functioning of markets. The purpose of the journal is to provide an interdisciplinary and international forum for theoretical and empirical research that addresses the needs of other researchers, government, and professionals who are involved in the policy-making process. IEP publishes research papers, short contributions, and surveys.
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