According to him, such systems provide the ability to make transfers in real-time around the clock. They are actively used by financial technologies, large tech companies, and banks, allowing transactions to be conducted through mobile applications and QR codes.
As an illustration, the economist mentioned Brazil, where in 2020 the central bank launched a fast payment system called Pix. Currently, more than 90% of the adult citizens of the country use this system for daily transactions.
India also has a similar system — the Unified Payments Interface (UPI), which integrates banks, fintech companies, and technology platforms into a single infrastructure under the control of the central bank.
However, in a number of countries, there are disparate private payment systems that do not interact with each other. This means that users of different platforms sometimes face difficulties when sending funds to clients of other services.
The economist notes that the implementation of fast payment systems helps reduce transaction costs, improve access to financial services, and enhance the overall efficiency of the financial system, which, in turn, contributes to economic growth.
The National Bank of Kyrgyzstan previously announced its intentions to implement a fast payment system that will enable money transfers and payments in real-time 24/7. The system will be based on ELQR technology and will allow transactions using a phone number, bank account, or card.
