Traditional payment services no longer make a business case for large volume of small ticket transactions. This has led to many innovations, such as, special bank accounts or pre-paid accounts, use of BCs, use of technology for initiating and authenticating transaction, etc.
*  *  *  It is my great pleasure today to address the 10th international conference hosted by the Institute for Monetary and Economic Studies. On behalf of all my colleagues here at the Bank of Japan, I welcome all the participants. And my special thanks to the Institute’s two advisors, Professor Allan Meltzer and Professor Maurice Obstfeld.