Retail fast payment systems as a catalyst for digital finance
By Bank for International Settlements (BIS)
Retail fast payment systems (FPS) like Brazil's Pix, India's UPI and Switzerland's TWINT have stimulated the diffusion of digital finance apps. With a rich dataset on app downloads and use for 86,163 apps in 95 countries over 2012–22, we find that adoption of finance apps is higher following launch of an FPS, particularly in lower-income economies.
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