Four Cornerstones of Payments in the Digital Age

– International Monetary Fund

IMF Managing Director Kristalina Georgieva presents her view for the future of digital payments at the Singapore FinTech Festival, 2020

Georgieva highlights the opportunities for artisans and craftspeople all over the world to reach a global audience thanks to digital payment advances.

“Digital payments are not just for the tech-savvy – they have huge implications for the whole world. So we must tread courageously – and carefully. We must ensure that payments evolve to meet user needs while remaining safe and resilient. That’s at the micro level. And at the macro level, we need to foster a financial sector and international monetary system that are efficient and trusted, equitable and inclusive, and still dynamic.”

Georgieva reviews how private sector innovations, public sector involvement, regulatory and legal frameworks, and international cooperation combine to support small businesses to transition to digital payments.

This is a story about human drive and ingenuity… A story about a revolution in payments that erases physical distance; that generates data—which is the new gold and hence often the new collateral. It is about payments that are cheap and widely accessible; that are seamlessly integrated in our digital lives

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