Digital payment systems in emerging economies: Lessons from Kenya, India, Brazil, and Peru

Jose Aurazo and Farid Gasmi

No 24-1572, TSE Working Papers from Toulouse School of Economics (TSE)

Abstract: Digitization of retail payments has facilitated the promotion of financial inclusion recognized to stimulate growth, alleviate poverty, and address gender disparities in the financial sector. This paper closely examines four prominent payment solutions in the developing world, which are M-Pesa in Kenya, UPI in India, Pix in Brazil, and Yape in Peru. We employ a descriptive approach to identify the main factors that have contributed to the success of these digital payment systems, focusing on the role played by: i) private digital platforms developers and providers; ii) regulators and central banks and iii) the degree of the payment system interoperability. Although, to some extent, these varied experiences suggest that there is no one-size-fits-all solution, they highlight the necessity of active public-private sector cooperation and placing the end user at the center of such initiatives.

Keywords: Digital payments; Financial inclusion; Interoperability; Regulation. (search for similar items in EconPapers)
JEL-codes: G23 G28 L51 L96 O16 R11 (search for similar items in EconPapers)
Date: 2024-01
New Economics Papers: this item is included in nep-fdg, nep-fle, nep-ipr and nep-pay
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Persistent link: https://EconPapers.repec.org/RePEc:tse:wpaper:129719

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