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Innovation in Retail Payment Services in Major Economies

November 5, 2014
Retail Payment Systems Group
Payment and Settlement Systems Department

Major economies have embarked on various innovative means for enhancing retail payment services. These include such measures as real-time settlement of bank transfers and linking remittance information with payment information for financial electronic data interchange (EDI). In Japan, meanwhile, the government released the revised Japan Revitalization Strategy in June 2014, which includes enhancement of the payment and settlement system to make financial markets more efficient. When introducing such measures, it is important to take stock of recent developments in major economies, and to improve real-time bank transfers and achieve financial EDI while considering the situation in Japan. The Bank of Japan will help financial institutions and other stakeholders steer such initiatives to enhance retail payment services, and will collaborate with the Japanese government.

Notice

Bank of Japan Review is published by the Bank of Japan to explain recent economic and financial topics for a wide range of readers. This report, 2014-E-3, is a translation of the original Japanese version, 2014-J-7, published in November 2014.

If you have comments or questions, please contact Payment and Settlement Systems Department (Tel: +81-3-3279-1111).