Bank of England’s Concern on Emerging Payment Technologies

02/27/2023 10:55 • Metaverse Matters • 90 views

It is reported that Ben Broadbent, the deputy governor of the Bank of England in charge of monetary policy, said that the Bank of England is most concerned about the supervision of new payment technologies. So far, the experience of digitalization is that new products and services promoted by new technologies can be adopted on a large scale very quickly, which clearly brings opportunities for financial institutions, enterprises and individuals. We hope to see continuous improvement and reduce the friction and cost of payment.

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Analysis based on this information:

Deputy Governor of the Bank of England, Ben Broadbent, stated that the organization is most concerned about supervising new payment technologies. This message shows that the Bank of England is committed to providing financial services despite the rapid transformation of the financial landscape. The Bank recognized that conventional financial systems must adapt to the unprecedented growth rate of emerging payment methods.

Digitalization has influenced payment technologies, resulting in the development of new payment systems such as mobile payments, contactless payment, and e-wallets. As reported, the adoption of digital payment modes has proliferated globally in recent years. With the increase in the adoption of digital payment methods, there is a need for improvement, particularly in reducing transaction costs and enhancing point-to-point payments.

The Bank of England aims to support developments that improve customer experience and reduce friction in payment processes, such as increasing the proportion of mobile payments, particularly for low-value transactions. Through its supervisory role, the Bank ensures that financial institutions delivering these payment methods are competent with proper internal controls and robust cybersecurity measures.

Furthermore, the Bank’s attention to emerging payment technologies demonstrates its recognition of the necessity for innovation in the finance sector. In its effort to improve its economic infrastructure in the digital age, the Bank highlights that the new products and services driven by technology bring potential opportunities for firms and individuals.

In conclusion, this report signifies that the Bank of England recognizes that payment technologies must be well-regulated for safety, stability, and transparency. Through proactive management, the Bank can foster innovation in the payment system that benefits customers and the broader economy.

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