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Survey of Developments in Electronic Money and Internet and Mobile Payments

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Survey of Developments in Electronic Money and Internet and Mobile Payments Committee on Payment and Settlement Systems Survey of developments in electronic money and internet and mobile payments March 2004 Copies of publications are available from: Bank for International Settlements Press & Communications CH-4002 Basel, Switzerland E-mail: [email protected] Fax: +41 61 280 9100 and +41 61 280 8100 This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2004. All rights reserved. Brief excerpts may be reproduced or translated provided the source is cited. ISBN 92-9131-667-9 (print) ISBN 92-9197-667-9 (online) Foreword A number of innovative products for making payments have been developed in recent years, taking advantage of rapid technological progress and financial market development. Transactions made using these innovative products are accounting for an increasing proportion of the volume and value of domestic and cross-border retail payments. The possibility of electronic money taking over from physical cash for most small-value payments continues to evoke considerable interest among both the public and the various authorities concerned, including central banks. Although e-money has not been a very dynamic area in the field of retail payments recently, its development raises policy issues for central banks as regards payment system oversight, the possible implications for central banks’ revenues and the implementation of monetary policy. In view of these potential policy concerns, in 1996 the G10 central bank Governors announced their intention to closely monitor the evolution of electronic money schemes and products and, while respecting competition and innovation, to take any appropriate action if necessary. The Governors asked the BIS to monitor the developments of these new products on a regular and, as far as possible, global basis. Since 1996, the BIS, in cooperation with the Committee on Payment and Settlement Systems (CPSS) and with the support of the CPSS Secretariat, has been regularly surveying electronic money developments around the globe with the help of central banks worldwide. The surveys were initially confidential, with information being shared only with the participating central banks. However, in view of the widespread public interest in this innovative means of payment, the CPSS decided to make the contents of the survey publicly available after obtaining the consent of the participating central banks. The first such Survey of electronic money developments was published by the BIS in May 2000, followed by an updated report in November 2001. The present report too is being made available to the public. As payments made using the internet and mobile phones have advanced quite rapidly in recent years compared to e-money, the CPSS decided that these innovative methods of payment, having raised policy issues for central banks in much the same way as e-money issues did, should be included in the public survey. Internet and mobile payments are defined by the channel through which the payment instruction is entered into the payment system. In this survey the number of participating central banks and monetary authorities has increased to 95. The report provides information on innovative products that are in use or being planned in the countries and territories concerned. Data included in the survey relate to end-2002 or 2003. The report also provides information on the policy stance adopted by the various authorities concerned, including central banks. An overview of the scope, definitions and policy issues is provided in the introduction to the report. The CPSS would like to thank all the institutions that have participated in the survey and agreed to make information available for this report. The Secretariat welcomes comments on the content or the format of the survey (e-mail: [email protected], subject line: “e-money”; fax: +41 61 280 9100). The survey is available on the BIS website (www.bis.org). Tommaso Padoa-Schioppa, Chairman Committee on Payment and Settlement Systems CPSS - Survey of e-money and internet and mobile payments, March 2004 iii Contents Foreword ................................................................................................................................................. iii Introduction...............................................................................................................................................1 Abbreviations..........................................................................................................................................11 Participating countries and territories.....................................................................................................13 Albania............................................................ 13 Estonia................................................................45 Armenia .......................................................... 13 European Central Bank......................................47 Australia.......................................................... 14 Fiji.......................................................................58 Austria ............................................................ 16 Finland................................................................59 Azerbaijan....................................................... 19 France ................................................................61 Bahamas ........................................................ 19 Germany.............................................................65 Bahrain ........................................................... 20 Ghana.................................................................74 BCEAO1.......................................................... 20 Greece................................................................75 Belarus ........................................................... 21 Hong Kong SAR .................................................79 Belgium........................................................... 22 Hungary..............................................................83 Bermuda......................................................... 28 Iceland................................................................83 Bolivia ............................................................. 28 India....................................................................84 Botswana........................................................ 29 Indonesia............................................................86 Brazil............................................................... 29 Ireland.................................................................87 Bulgaria .......................................................... 30 Italy.....................................................................88 Cambodia ....................................................... 32 Jamaica ..............................................................93 Canada........................................................... 32 Japan..................................................................96 Chile ............................................................... 34 Jordan.................................................................98 China .............................................................. 35 Kazakhstan.........................................................99 Colombia ........................................................ 37 Kenya ...............................................................100 Croatia ............................................................ 39 Korea................................................................101 Cyprus ............................................................ 40 Kuwait...............................................................103 Czech Republic .............................................. 41 Kyrgyz Republic ...............................................103 Denmark......................................................... 42 Lithuania...........................................................104 Egypt .............................................................. 44 Luxembourg .....................................................106 El Salvador ..................................................... 44 Macau SAR ......................................................108 1 West African Economic and Monetary Union countries (Benin, Burkina Faso, Côte d’Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo). CPSS - Survey of e-money and internet and mobile payments, March 2004 v Macedonia .................................................... 111 Saudi Arabia .................................................... 140 Malawi........................................................... 112 Singapore ........................................................ 144 Malaysia........................................................ 114 Slovak Republic............................................... 145 Mauritius ....................................................... 116 Slovenia........................................................... 146 Mexico ..........................................................117 South Africa ..................................................... 147 Moldova ........................................................ 118 Spain................................................................ 150 Mongolia ....................................................... 118 Sri Lanka.........................................................
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