Basel standard setter: improving payments infrastructure accelerates financial inclusion

Resource published April 5, 2016

Payment Aspects of Financial Inclusion (PAFI)

Having efficient, accessible and safe retail payment systems and services is necessary to be able to extend access to transaction accounts for the 2 billion worldwide people who are still unserved by regulated financial service providers.

The Committee on Payments and Market Infrastructures (CPMI) and the World Bank Group has just released its final report on Payment Aspects of Financial Inclusion (PAFI). It looks at the seven principles for boosting financial inclusion, and analyzes how payment systems and services promote access to and use of financial services. It also looks at the elements of retail payments that are critical to financial inclusion and how improving the payments infrastructure and services could accelerate access to and use of transaction accounts.

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