Innovative Retail Payments Facility

completed

The project helps increase access to banking services through developing innovative and sustainable retail payments services as a point of entry for low-income populations. It supports the development of innovative and sustainable retail payment solutions using technologies such as mobile phones, EFTPOS (electronic funds transfer/point of sale), and payment card infrastructure to deliver payment services at low cost to the base of the pyramid and other users. Objectives are to: 1) identify businesses offering innovative payment solutions (two in Latin America, four South Asia); 2) scale up successful work using the Mobile Money Toolkit, developed with support from NIPP (Netherlands-IFC Partnership Program) with at least two clients in East Asia and Pacific; 3) support development of payment card infrastructure with at least one client; 4) expand the Toolkit to apply to retail payment services beyond mobile phone banking (such as cards and POS devices) through working with at least one client globally; and 5) conduct eight knowledge management events. It is anticipated that the global team will enable the regions to reach 3 million people.