Covid-19 boosts Digital Payments worldwide

Posted on July 31, 2020 by Editor

A couple of weeks ago we highlighted news that the Covid-19 crisis has been a boon for digital payments in India, traditionally a cash-is-king country. However, India is, of course, not alone in choosing to shun paper currency right now, with digital payments and, in some cases, fintech services, receiving a pandemic boost worldwide.

This week the Bank of International Settlements (BIS) has published a report looking into the worldwide boom in digital payments during the past months. The report compares the approaches taken by authorities in different countries to facilitate digital during lockdown, support fintech innovation in the long-term, and foster financial inclusion.

Policy measures to encourage the use of digital finance have included reducing or waiving fees, relaxed KYC procedures such as allowing accounts to be opened remotely, and increased transaction limits.

These measures – taken all over the world – to improve access to digital channels can be viewed as a small silver lining for economies seeking to broaden financial inclusion. In order to increase their effectiveness, BIS recommends that these polices be accompanied by measures to combat financial crime and protect consumers.

Read more here.

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