There is strong political momentum to make the financial system more inclusive – starting with access to transaction accounts and cross-border payments. Central banks have an important role to play both individually and collectively in the international community. The ECB is drawing on this momentum to give new impetus to a European strategy on retail payments that is fit for the global challenges ahead.
As a central bank, we will continue to monitor how new technologies are changing payment behaviour and project the potential of innovative ways of making payments cheaper, more efficient and more inclusive onto our tasks and activities to the benefit of the European people and beyond. [1] Currently, fast retail payment systems operate in 45 jurisdictions.