Providing net benefits to one or more key participants in a transaction, while not materially affecting other participants negatively, appears to be the most important requirement for any innovation to be successful. The benefits may accrue to the providers of payment services in the form of lower costs, but they cannot adversely affect end users.
Third, the buildup of financial regulatory bodies, including the straightening up of the supervisory mechanism, clear definition of targets and responsibilities, gathering of quality talents, as well as the justice, integrity and cleanness of these institutions, all takes time to achieve. Fourth, reform of the accounting standards.