In monetary exchange, holding money is evidence of past transactions of goods sold or services rendered. In effect, money can be seen as a record-keeping device. A monetary system needs a record of who has what and where it has moved.

The Bank of England (BOE) is in the design phase of work on a digital pound (DP). As part of this phase, it is conducting experiments and proofs of concept in collaboration with private- sector innovators and a range of stakeholders.

A new OECD paper highlights the importance of balancing digital innovation with the enduring need for cash. By adopting comprehensive policies and initiatives, governments can ensure that all segments of society have access to reliable and secure payment methods, fostering financial inclusion and stability in the digital age.

Veriff, the AI-driven identity verification company, has issued two payment fraud reports which show that fraud affects almost one in 20 (5%) transactions. The Federal Trade Commission’s (FTC) annual fraud report found fraud has exploded in the last two decades.

A staff working paper by the Bank of Canada seeks to understand what would be possible if Canadians made more mobile payments.

Two articles about innovation. One about types of company that innovate. The second asking us to think radically about how to leverage coming technology.

A Bank of Canada staff paper gives useful insight into financial exclusion. It does this in the context of Central Bank Digital Currencies (CBDC), but the findings have broad relevance to payments generally.

Mastercard’s CFO, speaking recently at a UBS conference, has raised issues with India’s Unified Payment Interface (UPI) system. Describing it as ‘fantastic at many levels’, he also said it was an ‘incredibly painful experience’ for its ecosystem participants.

Following industry wide consultation at the end of 2022, the Australian Federal Government has published its Strategic Plan for the future of Australia’s payments system setting out a number of policy objectives and priorities. The plan outlines the government’s commitment to ensuring that the country’s payments system is safe, affordable, trusted and will remain readily accessible.

In the last few years, the number of papers written about CDDCs has exploded as the world’s central banks rush to think about and investigate them. The Bank of Canada has carried out a literature review focusing in particular on the potential impact of introducing a CBDC on private banks, which it has published as a staff discussion paper.