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Called the “ sand dollar,” it will increase financial inclusion for inhabitants spread out across the country’s 700 islands, where banking services such as cash machines are not always available. The Bahamas is the first country in the world with a central bank digital currency (a digital form of a country’s currency). The public sector too is taking steps to provide a digital payment infrastructure in emerging markets. These digital versions of passports allow mobile money providers to onboard customers at low cost while complying with local regulations. Digital identities, which many countries have rolled out, are another important innovation. The widespread use of mobile phones has made this possible. Sub-Saharan Africa is a leader in mobile money, accounting for almost half of mobile money accounts worldwide. Today, there are a billion registered mobile money accounts across 95 countries, with close to $2 billion transacted through these accounts every day.

It has brought payments to many without bank accounts-but with a flip phone in their pocket-and has opened the door to other financial services, like savings and credit products. The M-pesa mobile money transfer service, which started in Kenya, is being replicated in dozens of countries in Africa and Asia. Private sector innovation in emerging markets has already made a mark in the area of mobile money. Fees for wiring money often take up to 7 percent of the value of a transaction, and the World Bank estimates that cutting fees to 2 percent could give a $16 billion a year boost to remittances to low-income countries. In the near future, an employer could deposit her paycheck in a digital wallet, allowing her to send money to relatives in Guatemala, the Philippines, or any other country more cheaply and efficiently. Click here for a detailed discussion of different forms of digital money.Ĭonsider a worker in the United States.

Crypto assets, such as Bitcoin, are issued in their own denominations and are especially volatile-too much to be considered a form of digital money (they are usually considered an investment asset). Stablecoins can be a form of e-money, but also come in other designs whose value is more volatile. These are fully backed with very safe and liquid assets and are usually referred to as e-money. Some forms can be redeemed for cash at a fixed face value.

The private sector can also issue digital money. The public sector can issue digital money called central bank digital currency-essentially a digital version of cash that can be stored and transferred using an internet or mobile application. Digital money is the digital representation of value.

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