• ITU-T Focus Group Digital Financial Services Ecosystem
  • Foreword
  • Table of Contents
  • I The Digital Financial Services Ecosystem
  • Executive summary
  • 1 Introduction
    • 1.1 What is the DFS Ecosystem?
    • 1.2 The Goal of Digital Financial Services
    • 1.3 The Digital Financial Ecosystem and Its Components
    • 1.4 The Evolution of the DFS Ecosystem
    • 1.5 Issues and Challenges in the Ecosystem
  • 2 Products, Services and Use Cases
    • 2.1 Requirements
    • 2.2 Products and Services
  • II Regulation in the Digital Financial Services Ecosystem
  • Executive Summary
  • 1 Introduction
  • 2 Categories of Regulation
    • 2.1 Category 1: Agents
    • 2.2 Category 2: Consumer Protection
    • 2.3 Category 3: Market Access
    • 2.4 Category 4: Payment Systems
    • 2.5 Category 5: Risk Management
    • 2.6 Category 6: Other
  • 3 Managing the Regulatory Environment
    • 3.1 Survey of Regulators
    • 3.2 Survey Conclusions
    • 3.3 Template for an In-Country Memorandum of Understanding
    • 3.4 Cross Country Considerations for a Memorandum of Understanding
  • Bibliography
  • III Review of National Identity Programs
  • 1 Introduction
  • 2 Methodology
  • 3 Overview of Selected National Identity Programs
    • 3.1 Program Technical Features
    • 3.2 Stage of Implementation
    • 3.3 Enrolment Methodologies
    • 3.4 Coverage of Target Population
  • 4 Implementation Challenges
    • 4.1 Accountability
    • 4.2 Privacy
    • 4.3 Data Management
    • 4.4 Enrollment
    • 4.5 Coverage
    • 4.6 Cost
    • 4.7 Harmonization of ID Programs
  • 5 Functions Linked To Identity Programs
    • 5.1 Finance
    • 5.2 Health
    • 5.3 Agriculture
    • 5.4 Elections
    • 5.5 Surveillance and Security
    • 5.6 Other Functions
  • 6 Characteristics of ID Programs with Functional Applications
    • 6.1 General Functional Linkages
    • 6.2 Finance
    • 6.3 Health
  • 7 Conclusion
  • Appendix A: Literature Search Methodology
  • Appendix B: Review Framework Questions
  • Appendix C: Summary of National Identity Programs
  • IV Enabling Merchant Payments Acceptance in the Digital Financial Ecosystems
  • Executive Summary
  • Part I: Merchants and Payments Acceptors in the Digital Financial Services Ecosystem
  • 1 Introduction
    • 1.1 Goals of Digital Payments Acceptance
    • 1.2 Assumptions
    • 1.3 Hypotheses
  • 2 The Payments Acceptance Value Chain
  • 3 Merchant and Payment Acceptor Segmentation
    • 3.1 M0: P2P
    • 3.2 M1: Sole Proprietor
    • 3.3 M2: Small Shop
    • 3.4 M3: Small Farmer
    • 3.5 M4: Mid-Sized Retailer
    • 3.6 M5: Utilities and Services
    • 3.7 M6: Transit
    • 3.8 M7: Large/Top Tier Merchants
    • 3.9 M8: Government
  • 4 Payments Acceptance Economic Models
    • 4.1 Merchant Payments Revenue Sources
    • 4.2 Costs to Merchant Services Providers
    • 4.3 Electronic Commerce Platforms
    • 4.4 Priority Segments and Supporting Business Models
  • 5 Policy Considerations for Financial Inclusion
  • Part II: Driving Acceptance by Merchants and Other Payments Acceptors
  • 6 Introduction
    • 6.1 Overview
    • 6.2 Disruption in Financial Services
  • 7 Hypotheses
  • 8 Overview of Key Model Characteristics
    • 8.1 Business Model
    • 8.2 Overview of Operational Models Observed
    • 8.3 Overview of eMoney Merchant Acceptance Models
    • 8.4 Conclusion and Next Steps
  • Appendix I: Profiled Models
  • Appendix II: Additional Profiles
  • Bibliography
  • V Merchant Data and Lending: Can Digital Transaction History Help Jumpstart Merchant Acceptance?
  • 1 Introduction
    • 1.1 Situation
    • 1.2 Emerging model
  • 2 Digital financial services and the poor
    • 2.1 Hypothesis
    • 2.2 Use of ACD
    • 2.3 Approach
    • 2.4 Assumptions
  • 3 Survey of In-Market Programs
  • 4 Further analysis of the underwriting and loan process
  • 5 Summary of findings and conclusions
  • 6 Considerations for policy makers
  • Appendix 1: Glossary of terms
  • Appendix 2: ACD case studies
  • VI Impact of Agricultural Value Chains on Digital Liquidity
  • Executive Summary
  • 1 Introduction
  • 2 Background
  • 3 Are payment-enabled agricultural value chains a solution for digital liquidity?
  • 4 Agricultural Use Cases
  • 5 Policy Considerations
  • VII Impact of social networks on digital liquidity
  • Executive Summary
  • 1 Introduction
  • 2 Social networks
    • 2.1 What are social networks?
    • 2.2 User activities
    • 2.3 Mobile access
    • 2.4 Pursuit of revenue
  • 3 BoP not participating
    • 3.1 Low Internet adoption
    • 3.2 Feature phone and smartphone challenges
    • 3.3 Low financial inclusion
  • 4 Potential benefits to the BoP
    • 4.1 Digital on-ramps
    • 4.2 Platforms for BoP ecosystems
    • 4.3 Payment networks
    • 4.4 Marketplaces
    • 4.5 Beneficial data collection
  • 5 Policy considerations
    • 5.1 Encourage adoption
    • 5.2 Protect consumers
  • Appendix I
  • VIII The Role of Postal Networks in Digital Financial Services
  • 1 Introduction
  • 2 The Current State of Play
  • 3 The Role of Postal Networks in Digital Financial Services
  • 4 Posts as support services
    • 4.1 BM1: Cash-merchant
    • 4.2 BM3: Partnership
    • 4.3 BM2: Proprietary domestic and cross-border payments
    • 4.4 BM4: Postal savings bank
    • 4.5 BM5: Full-fledged postal bank
    • 4.6 The Post as a mobile virtual network operator (MVNO)
    • 4.7 The Post as an interoperability platform
    • 4.8 The Post as an eCommerce or mCommerce facilitator
  • IX B2B and the DFS Ecosystem
  • Executive Summary
  • 1 What are B2B payments?
  • 2 B2B payment requirements
  • 3 Benefits of B2B payments: Small buyers
  • 4 Benefits of B2B payments: Small suppliers
  • 5 Counter examples
  • 6 Trends affecting B2B payments
  • 7 Second order benefits
  • 8 Barriers to B2B adoption
  • 9 Considerations for financial policy makers
  • X Bulk Payments and the DFSs Ecosystem
  • Executive Summary
  • 1 What are bulk payments?
  • 2 History: How bulk payments are made
  • 3 Challenges
  • 4 The last 10 years: New ways of making bulk payments
  • 5 Remaining challenges
  • 6 The next ten years: Using the DFSs ecosystem
  • 7 Structuring the future
  • 8 Country stories
  • 9 Considerations for financial policy makers
  • XI Over the counter transactions: A threat to or a facilitator for digital finance ecosystems?
  • Executive summary
  • 1 Introduction
  • 2 What and why of OTC transactions?
    • 2.1 Defining OTC transactions
    • 2.2 Prevalence of OTC
  • 3 Are OTC as problematic as we thought?
    • 3.1 Problem 1: OTC increase anti-money�laundering (AML) / combating the financing of terrorism (CFT) risks
    • 3.2 Problem 2: OTC limits product evolution
    • 3.3 Problem 3: Beginning with OTC locks you into the model
    • 3.4 Problem 4: OTC reduce provider's profitability
    • 3.5 Problem 5: OTC creates volatility in market share
  • 4 The irony of OTC: It's client-centric
    • 4.1 Market segmentation of account adoption
  • 5 Supply-side perspective for banks and third parties
  • 6 Conclusions
  • XII DFS Glossary
  • Digital Financial Services (DFS) Glossary
  • Bibliography