Inside this Topic Guide
The reliable and robust provision of payment services is essential to the functioning of the real economy. At their most basic, payment services are the means through which funds are transferred between consumers, businesses and financial institutions. In an increasingly digitalised world, electronic payments are becoming more prevalent whilst use of cash is on the decline. The rise of innovative payment services is being driven by technological advancements as well as by customer demand for more flexible and efficient ways of making payments. Payment systems, which are the financial market infrastructure underpinning the provision of payment services, have also become digitalised over the past few decades.
Provision of payment services is regulated in many advanced economies. As technology continues to develop and the payments landscape continues to evolve, policy makers are also considering how the regulatory framework for payment services may need to be updated to keep pace with innovation and other changes. Some areas of focus include financial exclusion risks for those unable to access digital payments easily, competition and anti-trust issues, operational resilience, cyber risks, anti-money laundering and the use of data in payments.