The CPSS and the World Bank convened its second joint Forum on Retail Payments to deliberate on the contemporary topics in retail payments on February 28-29, 2012 in Miami, FL.
Fifty-nine payment systems specialists participated in the forum, of which 16 from the private sector and 43 from the public sector. There were 22 central banks represented in the forum and 10 private sector entities.
During its Miami meeting, the Forum focused on the following topics, among others (see also meeting agenda):
- Issues affecting the development of innovations in retail payments, especially mobile payments.
- Security standards for innovative payment mechanisms.
From the discussion, it emerged that adoption of innovative retail payment products is in general more incremental, because of the very significant customer behavior and attitude changes required. Innovative retail payment products will eventually evolve into interoperable platforms. Availability of relevant standards and efficient clearing and settlement infrastructures to support these platforms is essential.
Security issues in the area of retail payments were also discussed. These need to be given adequate attention at the country level; in general, interventions in this area have met with success. Fragmentation of the mobile money value chain poses a significant challenge from the standpoint of security requirements. There are a number of initiatives underway at the country level, industry level, and international level to develop appropriate standards, and these should be carefully studied by both the public and the private sector.
The first meeting of the Forum was held in Rio de Janeiro in March 2011.