Defining and Measuring Payment Interoperability
A thriving, competitive range of digital payment methods readies countries to better connect to global trade in today's digital age. Yet the varied technical standards, laws and regulations that span countries contribute to many digital payment methods being closed loops – not interoperable with each other. Although there are some well-established metrics for domestic payment interoperability, there is limited literature when it comes to measuring the interoperability among the latest payment system innovations. Leveraging the World Economic Forum's extensive community of payment experts, this report provides a forward-looking and inclusive approach to defining and measuring the different types of payment interoperability.
A thriving, competitive range of digital payment methods readies countries to better connect to global trade in today's digital age. Yet the varied technical standards, laws and regulations that span countries contribute to many digital payment methods being closed loops – not interoperable with each other. Although there are some well-established metrics for domestic payment interoperability, there is limited literature when it comes to measuring the interoperability among the latest payment system innovations. Leveraging the World Economic Forum's extensive community of payment experts, this report provides a forward-looking and inclusive approach to defining and measuring the different types of payment interoperability.