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Contributed on January 17, 2021

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[Call for Inputs] World Bank’s Preview Report on Fast Payment Systems

Blog: NASSCOM Official Blog

With an aim to guide and support countries’ development of payments and market infrastructure, the World Bank Group has undertaken a study of implementations of fast payment systems (FPS) across the world and which will result in a policy toolkit on the implementation of fast payment systems.

The soon-to-be-launched toolkit will guide countries and regions on the likely alternatives and models that could inform their policy and implementation choices as they embark on their own fast payment journeys. The toolkit is based on desk research and consultations with more than 65 stakeholders around the world, including regulators, standard setting bodies, operators, system participants, and industry bodies.

A preview report (Fast Payment Systems: Preliminary Analysis and Global Developments) provides information on the purpose, methodology and different components of the toolkit. As the World Bank proceeds to finalize the policy toolkit and provide a comprehensive view of global FPS developments, it is seeking comments and suggestions that could enhance the study—particularly from countries that are planning to implement FPSs.

The last date (extended deadline) to provide feedback to World Bank is 25 January 2021.

NASSCOM will be submitting inputs to the World Bank. Thus, we request you to send us your feedback by 22^nd January 2021 (Friday) to enable us to make timely submission to the World Bank Group.

We request you to send your feedback in the form of answers to the following questions asked by the World Bank.

1. FPS has enabled various innovations in the payment landscape, such as the use of aliases, newer transaction-initiation methods and increased interoperability. In your opinion:
   
   • What payment needs are being planned to be addressed through FPS? 
   • What would be the role of FPS in driving innovation in the wider payments landscape? 
   • How do you envision the payments space will evolve in the coming years? 
   • What role do you think FPS would have played in your country in the context of COVID-19 pandemic? 
   • What changes do you envisage in the usage of other payment systems in your country, after FPS is implemented?
     
2. In your opinion, what are the key challenges in building support internally and amongst the market players for implementing FPS?
   
3. We have proposed a detailed review of a set of specific topics. Are there any other topics you think are missing from this list and/or issues that do not seem to have been addressed?
   
4. We have proposed an Assess-Design-Scale framework that we have developed for FPS implementations. Do you think this captures all the key decisions and considerations that need to be taken into account?
   
5. Would a toolkit like the one described be helpful for a country like yours, which is envisaging or is in the process of implementing an FPS? 

In case you have any questions, please reach out to komal@nasscom.in . (A copy of the report has been attached with this blog)

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