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on Payment Systems and Financial Technology |
| By: | International Monetary Fund |
| Abstract: | The paper briefs the Executive Board on the further considerations on CBDC. These cover the positioning of CBDC in the payments landscape, cyber resilience of the CBDC ecosystem, CBDC adoption, CBDC data use and privacy protection, implications for monetary policy operations, and cross-border payments with retail CBDC. |
| Keywords: | Capacity development; CBDC; Central bank digital currencies; Adoption; Collaboration; Cross-border payments; Cyber resilience; Data use and privacy protection; Monetary operations; Payment systems; Positioning CBDC; CBDC data; CBDC system; CBDC adoption; CBDC design; data use; position CBDC vis-à-vis; Digital financial services; Monetary base; Global |
| Date: | 2024–11–08 |
| URL: | https://d.repec.org/n?u=RePEc:imf:imfpps:2024/052 |
| By: | Romain Meuwissen; Martin Rohár |
| Keywords: | Stablecoins, flow of funds, financial intermediation, financial stability, financial regulation, monetary architecture, dollarisation, international role of the euro, bank funding, digital money |
| JEL: | E42 E44 G28 O33 |
| Date: | 2026–10–05 |
| URL: | https://d.repec.org/n?u=RePEc:stm:wpaper:79 |
| By: | Leonardo Bursztyn; Rafael Jiménez-Durán; Aaron Leonard; Filip Milojević; Christopher Roth |
| Abstract: | Several countries are adopting social media bans for teenagers, yet early evidence suggests limited adherence to the age-based restrictions. Such bans ask platforms to remove profitable customers and teens to give up access to their online social networks. We study an alternative regulatory regime in which platforms remain liable for teens on the adult tier but may offer a safe tier that removes restricted features, such as algorithmic feeds, while preserving interactions with their relevant network. Provision of the safe tier and enforcement are complementary: teens can adhere without giving up access to their network, and platforms can retain displaced adult-tier users as lower-margin customers. This policy design makes the teen decision to avoid the adult tier less dependent on peer dynamics and increases teen welfare for a relevant range of regulatory penalties. |
| JEL: | D18 D62 L51 L86 |
| Date: | 2026–10 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:35870 |
| By: | Wilko Bolt; Nicole Jonker |
| Abstract: | This paper investigates whether the primary current account that consumers typically use for their everyday shopping and banking transactions remains an effective cross-selling channel for banks amid digitalisation, regulatory reform and increased competition. Using a unique 2024 consumer survey of 2, 326 Dutch consumers, we find no evidence of a broad structural decline in banks’ overall cross-selling opportunities in the Netherlands. The primary current account continues to “anchor†bank-customer relationships. However, this anchoring role varies by product category and consumer segment. Cross-selling has weakened for savings and investment products, while remaining relatively stable for mortgages. Furthermore, digitalisation is not only associated with more multi-banking but also supports financial product acquisition at the consumers’ main bank, suggesting that it does not uniformly erode incumbent banks’ cross-selling capacity. Consumer preferences are central: perceived benefits of single-banking strengthen cross-selling and reduce multi banking, whereas perceived transparency of financial conditions has a modest effect. |
| Keywords: | Consumer behaviour; Retail banking; Cross-selling; Multi-banking; Digitalisation; Transparency |
| JEL: | D14 G21 G28 O33 |
| Date: | 2026–10 |
| URL: | https://d.repec.org/n?u=RePEc:dnb:dnbwpp:873 |
| By: | Samuel Fiifi Eshun; Evžen Kočenda |
| Abstract: | How robust is the empirical evidence on the determinants of financial inclusion, and why do reported effects differ across studies? We provide the first systematic meta-analysis of this literature, synthesizing 5, 172 estimates from 100 studies published between 2013 and 2024. We standardize reported estimates using partial correlation coefficients corrected with the UWLS+3 procedure and examine publication selection using precision-weighted FAT-PET regressions. We employ Bayesian model averaging to identify sources of heterogeneity. Publication selection is substantial but differs markedly across determinant categories. In our main specification, significant effects beyond publication bias remain for macroeconomic conditions, banking and financial depth, technology and infrastructure, and the persistence of financial inclusion, whereas evidence for demographic, income, education and human capital, and institutional determinants is weaker. Except for persistence, the corrected associations are generally modest. Technology and infrastructure provide the most consistent evidence among actionable determinants, while the effect attributed to banking and financial depth is substantially smaller than the unadjusted literature suggests. We find no systematic evidence of p-hacking. Differences in measurement, estimation methods, sample characteristics, and economic context explain much of the remaining heterogeneity. Overall, the literature contains economically relevant regularities, but conventional estimates often overstate their magnitude and generality. |
| Keywords: | financial inclusion, banks, meta-analysis, model uncertainty, publication bias, Bayesian model averaging |
| JEL: | C83 G21 O16 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_13039 |
| By: | Hasliza Hassan (Centre for Management and Marketing Innovation, COE for Business Innovation and Communication, Multimedia University, Cyberjaya, Selangor, Malaysia Author-2-Name: Anusuyah Subbarao Author-2-Workplace-Name: Centre for Management and Marketing Innovation, COE for Business Innovation and Communication, Multimedia University, Cyberjaya, Selangor, Malaysia Author-3-Name: Aysa Siddika Author-3-Workplace-Name: BRAC Business School, BRAC University, Merul Badda, Dhaka, Bangladesh Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | " Objective - As the use of the internet and technology becomes integrated into modern lifestyles, various products and services have been digitalised, including e-wallets. With an ever-increasing number of users, this research explores potential ways to boost e-wallet usage through performance expectancy and perceived enjoyment. Methodology/Technique - A quantitative survey was distributed to working adults in the Klang Valley, Malaysia. A total of 142 responses were used for descriptive analysis and structural equation modelling. Findings - Both performance expectancy and perceived enjoyment influence the behavioural intention to continue using an e-wallet. Performance expectancy is more important than perceived enjoyment in ensuring the continuous use of the e-wallet. Novelty - The momentum of digitalisation in e-wallet usage can be further stimulated by emphasising performance expectancy and perceived enjoyment. It is expected that more people will move towards digital payment transactions, specifically by using e-wallets, if the system is reliable and convenient to use. Catching up with the industrial revolution may not be easy since there are always people who prefer to stay in the status quo. This research highlights potential ways to shape a digital nation. Type of Paper - Empirical" |
| Keywords: | Behavioural Intention; E-Wallet; Perceived Enjoyment; Performance Expectancy; Technology Adoption; Working Adults. |
| JEL: | N75 O14 O32 O33 Q55 |
| Date: | 2026–09–30 |
| URL: | https://d.repec.org/n?u=RePEc:gtr:gatrjs:jmmr371 |
| By: | Emre Atay T\"umer; Rischan Mafrur |
| Abstract: | On-chain transfer volume is often used to describe activity in tokenized real-world assets (RWAs), although recorded transfers may reflect very different economic functions, including token creation, destruction, issuer-related operations, and movements between other addresses. Ownership measures face a similar problem because a large address balance may belong to a pool or intermediary that represents multiple investors. We address these two measurement problems by decomposing transfer activity and making ownership coverage explicit. Transfer turnover is calculated before and after observable event categories are separated, using the same asset, observation window, and supply denominator. For ownership, we compare concentration measured against total supply with concentration among the addresses that remain after identified intermediaries are excluded. Using Ethereum-based tokenized funds from December 2025 to August 2026, we find that transfer classification can materially change measured turnover. We also show that removing an intermediary can lower concentration when measured against total supply while concentration among the remaining addresses increases. Transfer activity and address concentration need to be interpreted with their underlying transaction functions and ownership coverage in mind. These measures provide evidence about liquidity-related activity, but they do not directly measure market liquidity. The code and data used in the analysis are available at https://github.com/atytmr07/rwa-liquidit y. |
| Date: | 2026–10 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2610.05873 |
| By: | Comisión Nacional de los Mercados y la Competencia (CNMC) (Comisión Nacional de los Mercados y la Competencia (CNMC)) |
| Abstract: | Cloud services are essential for boosting productivity, efficiency, and competition. There is high and growing concentration in the sector, as well as barriers to entry and to switching providers, and asymmetries in information and in bargaining power. These challenges affect both the private sector and public administrations. To address them, the following recommendations are proposed. First, to maintain strengthened supervision of cloud services, with the application of competition policy as the first line of defence. Second, to consider a complementary application of the DMA to cloud services. Third, to foster a pro competitive environment in the digital economy. Fourth, to adopt a pro competitive framework for public procurement of cloud services. |
| Keywords: | regulation, competition, cloud services, digital markets |
| JEL: | K21 K23 L40 L86 L88 |
| Date: | 2026–07–21 |
| URL: | https://d.repec.org/n?u=RePEc:awo:epaper:e/cnmc/001/23_eng |
| By: | Shyamal Chowdhury; Prabal Roy Chowdhury; Joeri Smits |
| Abstract: | After decades of microfinance expansion and despite charging higher interest rates, moneylenders continue to exist alongside microfinance institutions (MFIs). We develop a dynamic model with ex post moral hazard, in which borrowers use MFI loans for production and can rely on moneylenders for bridge loans after shocks to repay MFIs and preserve future access to MFI credit. We then study how MFI competition shapes the coexistence between MFIs and moneylenders. The effect of competition on MFI credit is ambiguous: it may weaken repayment incentives or replace moneylenders as bridge lenders. By contrast, competition unambiguously reduces moneylender credit. In a village-level randomized expansion in Bangladesh, stratified by baseline MFI presence, one additional MFI reduces the number of moneylender loans by roughly 30-40% two to three years later, with no detectable effect on MFI or overall borrowing. This suggests that, in markets where MFIs rely primarily on the threat of exclusion to induce repayment and moneylenders provide emergency finance, gains from additional MFI entry may be greater in less saturated areas. |
| Date: | 2026–10 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2610.12186 |