Page 326 - The Digital Financial Services (DFS) Ecosystem

ITU-T Focus Group Digital Financial Services
Ecosystem

how they compare to an ideal system. The similarities could point to models of how to structure bulk payment
systems, while the differences could signal roadblocks or stepping stones on the road to an efficient system.

Table 1 – Country examples

Peru Nigeria India

Enabling platform Billetera Movil (BiM) Nigeria Inter-Bank Settle- Immediate Payment Service (IMPS)
ment System (NIBSS) and the Unified Payments Interface
(UPI)
Bulk payment Centralized switch Centralized switch Centralized switch
structure
Platform structure Immediate Push-Payment National electronic funds Immediate push-payment system
System transfer (NEFT): Settled
three times per day,
NAPS (Note): Instant Pay-
ments via USSD

Enabling Documento Nacional de Bank Verification Number Aadhaar National ID
identification Identidad (DNI, national ID) (BVN)

Data collected in Phone number, national ID BVN, bank account Phone number, Aadhaar (ID)
system number, issuer code number number, bank account number,
biometrics
Biometrics? Collected on ID, not used Fingerprint and facial Ten fingerprints and two iris scans
in system image collected with BVN collected with National ID
Database to map Information collected at The BVN database is The National Payments Corporation
IDs to the financial registration, held within owned by the central of India (NPCI) maintains a “central
institutions BiM bank, housed inside mapper” database that connects
NIBSS Aadhaar, mobile numbers, and
bank account numbers

Ownership structure 51 per cent owned by the BVN database is housed Run by the NPCI, a nonprofit
Peruvian Bankers Associa- in NIBSS. NIBSS is owned organization
tion (ASBANC), 49 per cent by all banks, including
owned by participating Central Bank.
banks

Participation Voluntary Required for all banks Voluntary
and mobile money
institutions
Open participation Bank-led mobile money Settlement to commer- Open to payments banks and reg-
cial banks only ular banks

Platform providers Ericsson In house In house
Financial service 15 e-money issuers are All banks and e-money At least 29 banks have partnered
providers connected to the platform. issuers are required to with the NPCI
All three major MNOs integrate

Current bulk pay- Testing platform for G2P Not yet available for Plans to transition in-kind transfers
ments usage payments, but requires bulk payments to mobile into cash payments via the IMPS/
agent-network growth wallets, but functionality UPI
planned

NOTE – NAPS : Nigeria InterBank Settlement System Automated Payment Service

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