IMF Gives Positive Evaluation on Jordan’s Retail Payment Market

02/25/2023 02:48 • Digital Disruptors • 84 views

It is reported that the International Monetary Fund (IMF) released a technical report on the launch of the retail central bank digital currency (rCBDC) in Jordan on February 23. It is reported that the International Monetary Fund conducted a three-month investigation last year. During its work from July to September 2022, the IMF gave a basically positive evaluation of the country’s existing retail payment market, saying that it was well integrated. The report points out that two non-bank payment service providers (PSPs) have “generally available and appropriate products”, and the penetration rate of smart phones in the country is high.

IMF provides the Bank of Jordan with suggestions on the implementation of retail CBDC

Analysis based on this information:

The International Monetary Fund (IMF) recently released a technical report on the launch of the retail central bank digital currency (rCBDC) in Jordan. According to the report, the IMF conducted a three-month investigation last year from July to September 2022, and gave a basically positive evaluation of the country’s existing retail payment market. In particular, the report highlighted that the market was well integrated, with two non-bank payment service providers (PSPs) offering “generally available and appropriate products”. Additionally, the report noted that the penetration rate of smart phones in the country is high.

The report’s findings suggest that Jordan has favorable conditions for the launch of a retail CBDC. The widespread adoption of smart phones suggests a high level of digital literacy among the population, which would likely facilitate the introduction of a new digital currency. Furthermore, the presence of multiple PSPs with diverse and accessible product offerings indicates that the market is competitive and consumer-centric, which could further encourage the adoption of a CBDC.

Overall, the IMF’s positive evaluation of Jordan’s retail payment market is promising for the country’s potential adoption of a CBDC. Although the report does not provide specific recommendations or timelines for launching such a currency, the conclusions suggest that Jordan has the necessary infrastructure and conditions to introduce a CBDC in the future.

In conclusion, the IMF’s report sheds light on the potential for Jordan to introduce a retail CBDC by giving a favorable evaluation of the country’s existing retail payment market. The presence of accessible and diverse payment service providers, combined with a high penetration rate of smart phones, suggests that Jordan has favorable conditions for the introduction of a CBDC. This evaluation could encourage policymakers to explore the possibility of issuing a digital currency, which could improve financial inclusion and promote economic growth.

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IMF Gives Positive Evaluation on Jordan’s Retail Payment Market

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