Our latest benchmark covers initiatives to foster adoption of digital payments and currencies in 13 jurisdictions (Australia, Brazil, China, the EU, India, Japan, Kenya, Korea, Nigeria, Singapore, South Africa, the UK and the US), including:

• strategies to promote digital payments and currencies and who is in charge of regulating them; and

• measures to facilitate entry in the digital payments market and protect consumers.

Strategies to promote digital payments and currencies
 

• All surveyed jurisdictions established a strategy to promote adoption of digital payments, except for one country that adopted an industry-led approach.
• Interestingly, only three jurisdictions in Asia-Pacific set targets for adoption of digital payments.
• Ministries of finance and central banks are commonly in charge of initiatives to promote adoption and consumer trust in digital payments.
• In 12 out of 13 jurisdictions, these entities have led the debate to update the corresponding regulatory frameworks, with initiatives either approved or proposed in 2023.

Promoting consumer trust in digital payments

Government agencies have promoted consumer trust by establishing requirements to protect financial data and/or initiatives against consumer fraud.

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