Retail payment systems play an importantrole in the smooth functioning of any economy, and thus anyinefficiency in the retail payments market can send negativeeffects cascading throughout the financial realm. The WorldBank Global Payment Systems Survey 2010 has shown thatinefficiencies persist in the payment systems of manymiddle-income and low-income countries, with cash continuingto be the most widely used instrument for small-valuepayments. A number of issues are responsible for thispattern, and the lack of a coherent, holistic strategy forthe development of retail payment systems is among the mostcommon. The lessons learned during more than a decade ofWorld Bank Group technical assistance, along with theresearch findings of other international and nationalagencies, have been merged into a comprehensive package forthe development and reform of the national retail paymentssystem: a) developing a comprehensive national retailpayments strategy aims to provide public authorities andmarket participants with detailed guidance on how to developand implement a comprehensive, strategic retail paymentsreform ; b) a practical guide for retail paymentsstocktaking identifies a methodology for undertaking adetailed stocktaking of a countrys retail paymentslandscape; c) from remittances to m-payments: Understandingalternative means of payment within the common framework ofretail payments system regulation explores the developmentof a normative framework to underpin an efficient retailpayments industry, including the so-called innovativepayment mechanisms;and d) innovations in retail paymentsworldwide: a snapshot: outcomes of the global survey oninnovations in retail payments instruments and methods 2010presents the results of the first World Bank survey amongcentral banks that collected information on innovativeretail payment products and programs.
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