However, the expansion is unlikely to be achieved if FinTech firms and banks act separately in pursuing their own cashless payment services. In such a situation, a desirable option is that payment service providers collaborate with each other – that is, make their services interoperable – in order to maximize the network effects of digital yen.
At least, resulting increased reliance on central banks in the United States and Europe is an obvious tendency. In the meantime, China and other emerging economies were affected by a plunge in advanced economies immediately after the Lehman shock, but they subsequently restored growth at an early stage on the back of buoyant domestic demand and have been growing at somewhat high rates.