Economics Explored

Inside Project FASTT: Real-Time Payments for All w/ the World Bank's Nilima Ramteke - EP278

Episode Summary

Show host Gene Tunny and the World Bank’s Nilima Ramteke delve into the transformative impact of fast payments. They discuss how Project FASTT (Frictionless Affordable Safe Timely Transactions) bridges financial gaps and drives inclusive economic development worldwide. For example, they cover how QR codes and mobile apps make digital payments more accessible for small merchants and rural communities.

Episode Notes

Show host Gene Tunny and the World Bank’s Nilima Ramteke delve into the transformative impact of fast payments. They discuss how Project FASTT (Frictionless Affordable Safe Timely Transactions) bridges financial gaps and drives inclusive economic development worldwide. For example, they cover how QR codes and mobile apps make digital payments more accessible for small merchants and rural communities.

If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.

Timestamps

• Introduction (0:00)
• Overview of Project FASTT (2:28)
• Benefits and Implementation of Fast Payment Systems (7:50)
• Challenges in Implementing Fast Payment Systems (14:51)
• Role of Central Banks and Trust in Fast Payment Systems (20:33)
• Impact of Fast Payment Systems on Cryptocurrencies (25:53)
• Conclusion (31:36)

Takeaways

1. Fast payments enable 24/7, low-cost, secure, real-time transactions, making them vital for financial inclusion.
2. Project FASTT provides a toolkit and support for implementing fast payment systems globally.
3. Central banks, in collaboration with private sectors, play a key role in designing and implementing fast payment systems.
4. QR codes and mobile apps make digital payments more accessible for small merchants and rural communities.
5. Fast payments offer an alternative to cryptocurrencies in emerging markets, significantly where volatility and regulatory risks hinder crypto adoption.

Links relevant to the conversation

World Bank Project FASTT website: 

https://fastpayments.worldbank.org/

World Bank paper on “What Does Digital Money Mean for Emerging Market and Developing Economies”:

https://documents.worldbank.org/en/publication/documents-reports/documentdetail/099736004212241389/p17300602cf6160aa094db0c3b4f5b072fc

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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.