How can you identify and address Payment Systems gaps in your market?

2 How to identify payment systems gaps?

In order to identify payment systems gaps in your market, a comprehensive and systematic assessment must be conducted. This includes collecting and analyzing data on the payment system landscape, such as types and volumes of payment transactions, service providers, infrastructures, regulations, and innovations. Additionally, the needs, preferences, expectations, and behaviors of the payment system users should be taken into account. Lastly, the assessment should consider any existing pain points, risks, barriers, and inefficiencies that affect the payment system as well as potential solutions that can improve it.

3 How to address payment systems gaps?

To address payment systems gaps in your market, you need to design and implement a strategic and collaborative action plan that aligns with your payment system vision and goals. This involves prioritizing the payment systems gaps based on the assessment results, defining the payment systems solutions based on best practices, engaging the payment systems stakeholders based on the stakeholder analysis, and monitoring and evaluating the payment systems progress based on defined indicators and targets. Additionally, you should rank the identified gaps according to their impact, feasibility, and alignment with your payment system objectives, select the most suitable and effective solutions that can address the gaps, define their scope, requirements, and expected outcomes, identify key actors and partners that can support or influence the implementation of the solutions, measure and track their performance and impact, and adjust and improve them as needed.

4 Why is addressing payment systems gaps important?

Addressing payment systems gaps in your market is important for several reasons. First, it can enhance the efficiency and security of your payment system, by reducing transaction costs, risks, errors, and delays. Second, it can increase the convenience and satisfaction of your payment system users, by offering them more choices, features, and benefits. Third, it can expand the access and inclusion of your payment system, by reaching more segments, regions, and sectors of your market. Fourth, it can foster the innovation and competitiveness of your payment system, by creating new opportunities, products, and services. Fifth, it can contribute to the economic and social development of your market, by facilitating trade, commerce, and financial services.

5 How to learn more about payment systems?

If you want to learn more about payment systems, there are various resources and platforms available to provide information, insights, and guidance. For instance, the World Bank Payment Systems Development Group is a global team of experts that supports countries in developing and reforming their payment systems. They also publish reports, surveys, and tools on payment systems topics. The Committee on Payments and Market Infrastructures is another standard-setting body that promotes the safety and efficiency of payment, clearing, settlement, and related arrangements. Additionally, the Global Payment Systems Network is a community of practice that connects payment systems practitioners and stakeholders from different regions and sectors. This network offers knowledge exchange, peer learning, and capacity building on payment systems topics. With these resources, you can explore solutions such as integrating a mobile payment service. For example, you can use code blocks to show how to import the mobile payment service library, create an instance of the service, set the parameters for the transaction, initiate the payment transaction, check its status, and print it out.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?