Indeed, there have emerged many payment instruments in this category such as checks and credit cards, but the effectiveness of monetary policy has not substantially been affected by them. The third case is that non-banks, which are different from incumbent banks, provide their liabilities denominated in sovereign currency units as payment instruments for wider use.
Indeed, payment instruments in this category are growing rapidly worldwide, as shown in the cases of AliPay and WeChatPay in China and M-Pesa in Kenya. These instruments are similar to cases in which non-bank entities provide large-scale netting services. There are several new issues regarding these instruments.