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1、DEVELOPING DIGITAL PAYMENT SERVICES IN THE MIDDLE EAST AND NORTH AFRICA A Strategic Approach Public Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure Authorized 2021 International Bank for Reconstruction and Development / The World Bank 1818 H Street NW W
2、ashington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org This volume is a product of the staff of the World Bank. The findings, interpretations, and conclusions expressed in this volume do not necessarily reflect the views of the Execu- tive Directors of the World Bank or the governmen
3、ts they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of the World Bank concerning the legal status of any territory or the
4、endorsement or acceptance of such boundaries. RIGHTS AND PERMISSIONS The material in this publication is subject to copyright. Because the World Bank encour- ages dissemination of their knowledge, this work may be reproduced, in whole or in part, for noncommercial purposes as long as full attributio
5、n is given. DEVELOPING DIGITAL PAYMENT SERVICES IN THE MIDDLE EAST AND NORTH AFRICA A Strategic Approach ii TABLE OF CONTENTS iii Acknowledgements v Acronyms vi Executive summary 1 I. Introduction 12 II. Innovation in The Business of Payments 17 A Rapidly Changing Business Environment 17 Need for St
6、rategic Direction and Policy Action 23 III. The MENA Region: Economy and Digital Payments 28 Basic Economic Facts on MENA 28 DPS Progress (I): At the Region Level 31 DPS Progress (II): Across the Region 34 IV. Developing Sound and Dynamic DPS Ecosystems in MENA 39 DPS in MENA: Challenges and Opportu
7、nities 39 DPS Ecosystems 41 A Regional Strategic Approach 43 1. Building Blocks 45 2. Drivers 79 3. Addressing MENAs criticalities 87 4. DPS for Emergencies 90 References 94 Annex 1. Evolution in the Payments Business 99 Annex 2. The Evolution of Payments and Payments Regulations 102 Annex 3. MENAFi
8、nancial Inclusion for Youth and Women 105 Annex 4. Barriers to Entry in DPS Markets 106 Annex 5. Risks of Market Foreclosures to Fintech Operators Identified by the European Commission and Other Competition Agencies 108 Annex 6. G20 Policy Guide: Key Recommendations 110 Annex 7. Other DPS-Based Poli
9、cy Responses to Crisis Situations 112 Endnotes 116 iv Developing Digital Payment Services in the Middle East and North Africa FIGURES, TABLES, AND BOXES FIGURES Figure 1. Fintech is Transforming the Financial Industry 13 Figure 2. The Internet Remains Unavailable to a Majority of the Worlds Populati
10、on 15 Figure 3. Digital Payment Services and Financial Inclusion 20 Figure 4. Evolution of Payments and Payment Regulations 25 Figure 5. Access to transaction accounts (% of adults) 29 Figure 6. Global Fintech Financing Activities (2010-2106) 30 Figure 7. Global Fintech Financing Activities (2010-21
11、06) 31 Figure 8. Global Mobile Payments 31 Figure 9. Bandwidth Capacity in Bits per Internet User By World Regions 32 Figure 10. Adults Making Digital Payments (By World Regions) 33 Figure 1 1. Global Spread of Registered Mobile Money Customers 33 Figure 12. DPS Infrastructures 53 Figure A1. Innovat
12、ion in the Business of Payments 100 TABLES Table 1. MENA (Select Countries)Digital Payments: International Comparison 35 Table 2. MENADigital Payments: Regional Diversity 37 Table 3. Indicative CPMI countries with different FPS models 61 Table A1. MENAFinancial Inclusion for Youth (15-24 years old)
13、and Adults (25 and over years old) by Region 105 Table A2. MENAFinancial Inclusion for Youth (15-24 years old) by Gender and Region 106 BOXES Box 1. Innovations in Payments: A Stylized Illustration 18 Box 2. Benefits of Digital Payment Services 19 Box 3. Risks of Digital Payment Services 32 Box 4. L
14、acking Pre-Conditions for Digital Development in Some MENA Countries 40 Box 5. Regulatory Approaches to Fintechs 50 Box 6. Facilitating Customer Identification 55 Box 7. Building Agent Networks 56 Box 8. Competition in Two-Sided Markets 67 Box 9. Ex-Ante Regulation in Digital Markets 69 Box 10. Comp
15、etition Policy and the DPS Market: The Examples of China and the UK 71 Box 1 1. Competition-Related Regulatory Responses 73 Box 12. Competition in Digital Payments: The Case of Kenya 74 Box 13. Policy Action Checklist for the Design and Implementation of effective 78 financial education initiatives
16、on DFS Box 14. Payments Forum: An Example from the UK 83 Box 15. New Payment Methods for New Customer Experiences 86 Box 16. DPS and COVID-19: The Example of the Central Bank of Egypt 93 v The lead author of this report is Biagio Bossone, external expert. Holti Banka (Finan- cial Sector Specialist)
17、collaborated on data and statistics, Arpita Sarkar (Consultant) provided support and inputs, and Harish Natarajan (Lead Financial Sector Specialist) provided overall guidance and supervision. The team would also like to thank Mario Guadamillas, Djibrilla Issa, Georgiana Pop, and Gonalo Coelho for pr
18、oviding valuable comments as peer reviewers. The team is also grateful to Nadir Mohammed, Mahesh Uttamchandani, Irina Astrakhan, Onur Ozlu, Daniel Lederman, and the World Bank MENA Chief Economist Office. ACKNOWLEDGMENTS vi ACH automated clearing house AML/CFT anti-money laundering and countering th
19、e financing of terrorism CDD customer due diligence DFS digital financial services DPS digital payment services FPS fast payment system GCC Gulf Cooperation Council KYC know your customer MENA Middle East and North Africa MNO mobile network operator NPS national payment system POS point of sale PSP
20、payment service provider RTGS real-time gross settlement SME small and medium-size enterprise UAE United Arab Emirates ACRONYMS EXECUTIVE SUMMARY 1 This report has been prepared to inform the ongoing MENA Tech program and is directly linked to the cashless payments Marrakesh 2021 targets. The object
21、ive of the MENA Tech program is to help World Bank Group teams and external stakeholders achieve regional priorities for digital transformation of government and the economy and regional integration, with a particular and initial focus on reaching the Marrakesh targets for connectivity and cashless
22、payments. MENA Tech aims to achieve this by pro- viding analytical tools, including frameworks, data, analytics, and knowledge-exchange opportunities to operational teams, clients, and regional stakeholders. This report discusses strengthening the provision of payment services in the countries of th
23、e Middle East and North Africa (MENA) region as an essential step to integrate their economies into the world of “digital finance and digital economy” and to support eco- nomic development. The report elaborates a strategic approach to the development of sound and dynamic ecosystems for the provisio
24、n of digital payment services (DPS) as foundations for effective financial digitalization and development of digital economy in MENA countries. The report is not about intervening in the MENA region through a coordinated regional strategic plan; rather, it describes what MENA countries should do in
25、order to modernize their DPS ecosystems, starting from their own initial conditions. To this purpose, it identifies steps that are tailored to those initial conditions and delin- eates a strategic approach that national authorities may consider when designing their own strategy for modernizing DPS.
26、The approach covers all relevant aspects of payment systems and instruments that sup- port the provision of DPS. These range from mobile wallets to electronic payments, domestic and international remittances, and real-time (or “fast” or “instant”) retail payments. DPS offer affordable and convenient
27、 ways for people to make and receive payments and fund transfers and to store value without needing to protect cash as a physical asset. DPS make data analytics available on users financial lives and enable more efficient assessment of consumers and merchants creditworthiness. As well, DPS may facil
28、itate assistance in times of need, as people can reach out to their social net- works to obtain additional funds from relatives, friends, or donors and for governments to direct benefit transfers. Importantly, DPS can support both womens empowerment 2 Developing Digital Payment Services in the Middl
29、e East and North Africa by enabling women to have direct agency over their financial lives and the inclusion of individuals who are financially underserved or excluded from formal finance. Higher penetration of DPS also makes “pay as you go” business models feasible for the delivery of other essenti
30、al services, such as water and electricity, and thereby has a linkage with various UN sustainable development goals. DPS, however, also involve risks. Greater connectivity from digital solutions expands the number of entry points for cyber hackers in search of a weak link in the network, complicatin
31、g the protection of customer data. Incidents might not necessarily result in fraudulent usage of an account; they can extend to compromising personally identifi- able information, leading to loss of privacy and other financial and non-financial crimes. Failures to control these risks can lead to rej
32、ection in the market and dampen customer appetite for DPS. A critical issue inherent in DPS technologies concerns competition: large technology and telecom firms that enter into financial services may gain significant market shares (particularly in the payments space) and could be a source of increa
33、sed competition for incumbent financial institutions. While greater competition and diver- sity in payment services can contribute to a more efficient and resilient financial system, they could result in an uneven playing field for regulated incumbents and further result in a market that is not more
34、 competitive but more concentrated, albeit with a shift from incumbents to a few new entrants. Another important concern is financial market integrity, as DPS raise new risks regarding efforts to counter money laundering and the financing of terrorism. Lastly, the development of DPS, if done incorre
35、ctly, may carry its own “risk of exclusion,” due to lack of trust, inadequate financial and digital literacy, or tight know-your-customer regulations. NEED FOR STRATEGIC DIRECTION AND POLICY ACTION Developing sound and dynamic DPS ecosystems requires harnessing market forces to address both supply-s
36、ide and demand-side barriers while mitigating the related risks. Historically and for a long time, payment services have lain at the heart of commercial banking. In recent years, technological developments have created opportunities for non-bank players to provide new payment-service solutions, incl
37、uding digital payments. However, in many jurisdictions, these new players (for example, telecom network opera- tors) were permitted to operate only through banks (in the context of so-called bank-led models). The strong push from both the supply and demand for innovation from the markets and societi
38、es has forced several countries to adopt the regulatory construct of prepaid accounts denominated in the fiat currency and delinked from traditional bank accountsreferred to as electronic money (e-money). Further, countries have allowed non-bank players to issue e-money directly and become payment s
39、ervice providers (PSPs) in competition with banks, and new laws and regulations have been enacted to govern the issuance and handling of e-money. In many MENA countries, there have long been legal and regulatory obstacles for non-bank e-money issuers to operate and for incumbents to use different bu
40、siness models, such as agent banking. Until recently, non-banks had been allowed to issue e-money independently in only two MENA coun- tries: Iraq and Jordan. In the last one or two yearsmany of them, in fact, in the last few monthsseveral MENA countries and economies have adopted regulatory changes
41、 to Developing Digital Payment Services in the Middle East and North Africa 3 allow non-banks to issue e-money independently: Lebanon, Morocco, the West Bank and Gaza, Yemen, Oman, the United Arab Emirates (UAE), Bahrain, and Saudi Arabia. The MENA region is very diverse, and its countries vary cons
42、iderably in terms of eco- nomic and financial-sector development. The region shows signs of a “middle-income trap”the term used in the economic development literature to describe the risk of a growth ceiling for middle-income countriesand one of the factors explaining the trap is the MENA regions sl
43、ow adoption of general-purpose technologies due to barri- ers that prevent such adoption in key sectors of the regions economies. Digitalization in the region is low, and important gaps remain in the area of DPS, both in terms of infrastructure development and access to services. There are four wave
44、s of retail pay- ment innovations: (i) digital access to bank accounts, (ii) delinking of payments from bank accounts, (iii) delinking of payment initiation from account maintenance, and (iv) delinking of accounts from payments. Only Bahrain is currently riding the third wave, while most of the othe
45、r countries are still between the first and the second. While all MENA countries in the high-income range show advanced DPS features, not all upper-middle-income economies in the region have evolved their DPS in line with their level of economic development (Algeria, Iraq, and Libya are a point in c
46、ase); on the other hand, lower-middle-income Morocco shows a quite dynamically evolving ecosystem. Also, whereas progress is clearly observable in the region as one moves from bottom up across the different evolution levels of its national DPS ecosystems, progress overall is still modest relative to
47、 other regions in the world. These findings point to two important conclusions. First, each country of the region needs to define its own strategy for further modernizing its DPS ecosystem, based on its own gaps and the demands of its economy. The “multilevel” strategic approach developed in this re
48、port builds on a set of general policy actions that fit all MENA countries and designs policy actions that are specific to each level of DPS ecosystem evolution. Second, working only on the supply side (say, by easing regulations) might not be enough to accelerate DPS development. It is essential th
49、at national strategies aim also at the demand side of DPS provision, through measures intended to increase the capability of consumers to access and use DPS and their comfort doing so. A REGIONAL STRATEGIC APPROACH A regional strategy for developing sound and dynamic DPS ecosystems in the MENA regio
50、n should ultimately enable each countrys ecosystem to Deliver safe and convenient payment services using state-of-the-art (digital) technologies that enable residents to make and receive fund transfers anywhere, to and from any party, at any time, seamlessly and efficiently, including, importantly,