According to the FSB report (2013), size of global shadow system expanded to $ 71 trillion2 in 2012. In 2012, the assets of other financial intermediaries, which undertake non-bank financial intermediation, accounted for about 24 per cent of total financial assets, about half of banking system assets and 117 per cent of GDP of the above-said 25 jurisdictions.
A market-oriented approach to payment system innovation promises to provide long-lasting benefits to the consumers and businesses that use the U.S. payment system. We need to approach payment system innovations with an open mind and a willingness to learn. This is particularly true in the world of electronic commerce, where payments are being adapted to new technologies, products, and methods of doing business.