No payments, no economy
The importance of payment systems is often overlooked, yet they are a key function of any economic system. Payment systems are currently undergoing a revolution made possible by fast digital payments whose implications reach well beyond the traditional niche of technical staff at commercial and central banks.
Fast Forward Foundation believes that the shift to fast digital payments is a transformative opportunity to drive the integration of welfare systems and make them more effective, sustainable and equitable. There are several ways in which this could happen:
A shift to fast digital payments is a complex undertaking. Technical and regulatory issues, security and privacy concerns, administrative challenges, complexity of use and skepticism have to be addressed. However, we believe that this should be a key feature of our projects.