{ "title": "Opening Remarks by First Deputy Managing Director Gita Gopinath at “At the Frontier: India's Digital Payment System and Beyond”", "publication": "IMF News, June 2, 2022", "sourceUrl": "https://www.imf.org/en/news/articles/2022/06/02/sp060222-gopinath-opening-remarks-at-india-digital-payment-system-and-beyond", "canonical": "https://www.imf.org/en/news/articles/2022/06/02/sp060222-gopinath-opening-remarks-at-india-digital-payment-system-and-beyond", "overlayPath": "/en/news/articles/2022/06/02/sp060222-gopinath-opening-remarks-at-india-digital-payment-system-and-beyond/index.md", "summary": "Gita Gopinath addressed a webinar on digital payments, stressing their transformative potential amid the pandemic. She highlighted the risks of fragmented payment systems due to geopolitical tensions, emphasizing the need for global collaboration.", "publishDate": "2022-06-02", "sections": [ { "heading": "Overview and context", "content": "- As Prepared for Delivery: June 2, 2022.\n- The webinar brings together domestic and international perspectives on digital payments and how to manage to reap the benefits while containing risks.\n- The rise of digital payments represents a transformation that has been accelerated by the pandemic, with potential for lowering transaction costs, increasing transaction speed, and improving access and transparency.\n- The event is described as \"the first of a fantastic series of events on digital technologies and digital money in the Asia Pacific region.\"" }, { "heading": "Key findings and concerns", "content": "- Digital payment innovations can yield significant economic benefits but also pose risks; it is \"vital that we get it right: learning lessons from what has and hasn’t worked, sharing knowledge about effective policy approaches, and carefully considering the risks.\"\n- One of the biggest risks identified by the IMF is fragmentation of the international payment system, \"fractured into different blocs due to geopolitical competition.\"\n- The disruptions and uncertainty of the war in Ukraine and its economic shockwaves have \"significantly heightened this risk.\"\n- Opportunities:\n - Digital technologies as a catalyst for financial inclusion and cross border payments.\n - New payment platforms may enable easier and faster flow of digital money across borders, available to more people.\n - Possibility to connect various forms of money, including central bank digital currencies (CBDCs).\n- Desired outcomes for digital platforms: minimal cost, maximum speed and safety, and a balance between efficiency, security and stability while avoiding fragmentation." }, { "heading": "IMF work, policy orientation, and recommendations", "content": "- The IMF has \"bolstered our efforts to analyze the impact of digital money on the international monetary and payment systems.\"\n- The Fund is \"working to propose policy and regulatory solutions,\" reflecting a commitment to learning and adapting to help member countries deal with evolving economic challenges.\n- Policy emphasis:\n - Global collaboration to develop global public digital platforms — \"new pieces of payment infrastructure with clear rules\" — to facilitate low-cost, rapid, safe transfers including across borders.\n - Design platforms to achieve a balance between efficiency, security and stability while avoiding fragmentation.\n - Consider geopolitical and security issues when designing policies to minimize economic impact." }, { "heading": "Event program and speakers", "content": "- RBI Deputy Governor Rabi Sankar provided the keynote on the RBI’s broader strategy for the financial sector and insights into India's payment landscape, including the potential role of CBDCs.\n- IMF speakers and sequence:\n - Dong He (IMF’s Monetary and Capital Markets department) to provide an overview on Digitalization of Money and Payments at a global level.\n - Chief General Manager of the RBI, Manager Vasudevan, to provide a focused review of the payments landscape in India, including potential future role for a CBDC in the Indian context.\n- Additional participants:\n - Sopnendu Mohanty, Chief Fintech Officer, Monetary Authority of Singapore.\n - Dilip Asbe, Managing Director and Chief Executive Officer, National Payments Corporation of India.\n - Vijay Shekhar Sharma, Founder and Chief Executive Officer, Paytm.\n- The webinar was organized with support from the IMF regional institute in Singapore and SARTTAC in Delhi together with relevant IMF departments." }, { "heading": "Logistics and media contact", "content": "- IMF Communications Department, MEDIA RELATIONS.\n- PRESS OFFICER: Phone: +1 202 623-7100 Email: MEDIA@IMF.org\n- Social: @IMFSpokesperson\n- Attendees were thanked and the moderator was Anne Marie Gulde Wolf.\n\nOpening Remarks by First Deputy Managing Director Gita Gopinath at “At the Frontier: India's Digital Payment System and Beyond”, As Prepared for Delivery, June 2, 2022.\n\n---\n\n\n References\n\n- Gita Gopinath\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2022/06/02/sp060222-gopinath-opening-remarks-at-india-digital-payment-system-and-beyond" } ], "bullets": [ "[Markdown version](/en/news/articles/2022/06/02/sp060222-gopinath-opening-remarks-at-india-digital-payment-system-and-beyond/index.md)", "[Structured JSON version](/en/news/articles/2022/06/02/sp060222-gopinath-opening-remarks-at-india-digital-payment-system-and-beyond/index.json)", "[Bundle manifest](/en/news/articles/2022/06/02/sp060222-gopinath-opening-remarks-at-india-digital-payment-system-and-beyond/bundle-manifest.json)", "Published: June 2, 2022", "As Prepared for Delivery: June 2, 2022.", "The webinar brings together domestic and international perspectives on digital payments and how to manage to reap the benefits while containing risks.", "The rise of digital payments represents a transformation that has been accelerated by the pandemic, with potential for lowering transaction costs, increasing transaction speed, and improving access and transparency.", "The event is described as \"the first of a fantastic series of events on digital technologies and digital money in the Asia Pacific region.\"", "Digital payment innovations can yield significant economic benefits but also pose risks; it is \"vital that we get it right: learning lessons from what has and hasn’t worked, sharing knowledge about effective policy approaches, and carefully considering the risks.\"", "One of the biggest risks identified by the IMF is fragmentation of the international payment system, \"fractured into different blocs due to geopolitical competition.\"", "The disruptions and uncertainty of the war in Ukraine and its economic shockwaves have \"significantly heightened this risk.\"", "Opportunities:", "Desired outcomes for digital platforms: minimal cost, maximum speed and safety, and a balance between efficiency, security and stability while avoiding fragmentation.", "The IMF has \"bolstered our efforts to analyze the impact of digital money on the international monetary and payment systems.\"", "The Fund is \"working to propose policy and regulatory solutions,\" reflecting a commitment to learning and adapting to help member countries deal with evolving economic challenges.", "Policy emphasis:", "RBI Deputy Governor Rabi Sankar provided the keynote on the RBI’s broader strategy for the financial sector and insights into India's payment landscape, including the potential role of CBDCs.", "IMF speakers and sequence:", "Additional participants:", "The webinar was organized with support from the IMF regional institute in Singapore and SARTTAC in Delhi together with relevant IMF departments.", "IMF Communications Department, MEDIA RELATIONS.", "PRESS OFFICER: Phone: +1 202 623-7100 Email: MEDIA@IMF.org", "Social: @IMFSpokesperson", "Attendees were thanked and the moderator was Anne Marie Gulde Wolf.", "[Gita Gopinath](https://www.imf.org/en/about/senior-officials/bios/shirin-hamid)", "[PRESS CENTER](http://presscenter.imf.org/)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2022/06/02/sp060222-gopinath-opening-remarks-at-india-digital-payment-system-and-beyond/index.md", "json": "/en/news/articles/2022/06/02/sp060222-gopinath-opening-remarks-at-india-digital-payment-system-and-beyond/index.json", "bundleManifest": "/en/news/articles/2022/06/02/sp060222-gopinath-opening-remarks-at-india-digital-payment-system-and-beyond/bundle-manifest.json" }, "generatedAtUtc": "2026-09-26T01:16:37.720Z" }