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U-Commerce: Electronic Payments, Economic Growth, and Financial Efficiency

UNCTAD Financing for Development e-Finance for Development Monterrey, Mexico 19.03.2002. U-Commerce: Electronic Payments, Economic Growth, and Financial Efficiency. William Reid Global Product Director, New Platform Development Visa International. Challenges and Opportunities. Context Trends

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U-Commerce: Electronic Payments, Economic Growth, and Financial Efficiency

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  1. UNCTAD Financing for Developmente-Finance for DevelopmentMonterrey, Mexico 19.03.2002 U-Commerce:Electronic Payments, Economic Growth, and Financial Efficiency William ReidGlobal Product Director, New Platform DevelopmentVisa International

  2. Challenges and Opportunities Context Trends Segments Prescriptions

  3. Context 1914 21,000 1 Billion 2 Trillion

  4. U-Commerce:Anywhere, Anytime, Any Way

  5. Trends Ubiquity Customization Efficiency Trust

  6. Payment technology is becoming more ubiquitous

  7. Customization can empowerany sector of any society anywhere in the world

  8. E-payments are efficient

  9. E-PaymentsEngenderTrust

  10. Implicationse-payments: • Remove friction, increase efficiency => strengthen the economy • Increase the banked population => strengthen the banking sector and commercial lending • Benefit all players • Improve macroeconomic control, oversight • Free up liquidity • Improve tax compliance

  11. Prescriptions • Embrace payments technology for economic development • Support evolving structure of u-commerce • Strengthen domestic banking system • Review and align infrastructure with opportunities • Eliminate regulatory barriers to innovation

  12. Conclusion

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