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This chapter first reviews the current stages of retail CBDC development before examining some of the common characteristics of retail CBDC projects being proposed in various jurisdictions. This chapter then examines the possible future of retail CBDC going forward.

This chapter reviews digital payment infrastructures at the retail, wholesale and cross-border levels, available operating and governance models and trade-offs. Various developments in the field of digital payments, key challenges and the role of the central banks in helping to address those challenges are introduced. This chapter starts by examining issues in retail payments, before moving on the wholesale and large-value payments, real-time gross settlement (RTGS) which is the core settlement of payment systems before examining cross-border payments. This chapter ends with an overview of the role of central banks in promoting digital payment infrastructures.

This chapter examines mobile payments and digital banking services. The past decade has seen a rapid increase in the use of alternative payment systems, away from cash to electronic payments. The digitalization of payments includes business-to-business (B2B), customer-to-business (C2B), and government-to-business and consumers (G2B/C), whether the payments are by computer, wire transfers, and point of sale (POS) systems. POS systems have become a standard in many retail outlets. Mobile payments use a smart device for contactless pay. Consumers see the increasing prevalence of payment systems when they go to the retail checkout or service counter. Worldwide, mobile payments are approaching 50% of digital. Digitalized payment systems are becoming more secure, decreasing concerns over mistaken payments, fraud, and errors. Consumers' confidence in value and usage decreases with age. Most fraud is due to scams and not hacking. Greater access to improved infrastructure and affordable smart devices will expand the usage of digitalized payment systems worldwide.

This chapter takes an overview look at open digital infrastructures for financial services: what they are, why they are important for digital financial landscape, and thus why the central banks might need to take an active role to promote them. This chapter also reviews some concrete examples of open digital infrastructures in various jurisdictions to give some context.

This chapter examines possible regulatory updates to address the challenges of monetary sovereignty and singleness of money. These two challenges are particularly pertinent to the new means of payments enabled by the use of distributed ledger technology (DLT). These new means of payment include cryptoassets such as bitcoin and ether, stablecoins and tokenized deposits. The degree to which these new means of payment can be a threat to monetary sovereignty and singleness of money can differ widely, depending on the contexts of the jurisdictions, as well as the details of these new means of payment themselves.

This paper aims to present a study to measure “Consumer Preparedness” (CP) towards digital payment frauds by considering factors such as awareness regarding fraud risk (“Awareness”), implementation of measures (“Protection”) and actions to be taken in case of fraud (“Responsiveness”).

This study reviews existing literature to understand various typologies of digital payment fraud. The data of 372 consumers was collected using a structured questionnaire. The data was analyzed using analysis of variance (ANOVA) and Chi-square. CP score was calculated based on awareness score, protection score and responsiveness score.

The study shows that the score for the level of awareness was low, for the level of protection was moderate and for the level of responsiveness was high, leading to an overall moderate level of preparedness. Further, a moderate association was observed between demographic factors and the level of preparedness.

The authors recommend proactive and reactive measures for Central Banks regarding central fraud registry and intelligence exchange, consumer fraud vulnerability assessment model and mandating fraud risk management controls. Further, financial institutions are recommended to permit payment from registered devices only, implement strong customer authentication (including biometric authentication) and conduct periodic awareness sessions.

The existing body of knowledge does not have a model or scoring mechanism to assess the preparedness of consumers to tackle digital payment fraud. The research paper adds a classification of fraud typologies and an exploratory approach to measure the CP score.

The present study aims to systematically synthesize the academic and industrial literature on multi-central bank digital currencies (m-CBDCs) arrangements.

The study adopted a unique multivocal literature review methodology that considers both white and grey literature. For white literature searches, the study relied on Scopus, Web of Science (WOS), and Google Scholar bibliometric databases; for grey literature searches, the study used the Google search engine.

The findings of the study illustrated that M-CBDC arrangements, through various design options, have the potential to revolutionize the contemporary international payment system. M-CBDC arrangements will lead to more integrated financial systems and promote economic growth. However, m-CBDC arrangements will also have serious macroeconomic implications, such as contagion and currency substitution risks.

The present review is one of the earliest reviews of m-CBDC arrangements. In addition, the findings of the study offer valuable insights for both academicians and policymakers.

The study is also one of the pioneer studies in management studies that apply a multivocal literature review methodology.

The increasing prevalence of mobile phones and the ease of cheaper Internet access have accelerated the growth of mobile-based payments in India. The study aims to identify must-have and should-have factors affecting consumers’ usage intention toward “Near-Field Communication (NFC)” based mobile payments.

The research integrates diffusion innovation theory and the technology acceptance model. Employing a mixed-methods approach, combining partial least square structural equation modeling and Necessary Condition Analysis (NCA). Thus, the study draws from qualitative interviews and a quantitative survey of 218 respondents.

The study results indicate that the relative advantage of NFC-based mobile payments over conventional payment modes and security concerns directly affect the intention to use it. However, complexity, transaction speed and ease of use do not affect the intention to use. Moreover, perceived usefulness mediates the relationship between complexity, relative advantage and transaction speed with the intention to use NFC-based mobile payments. Less complexity and ease of use, despite being insignificant determinants as per PLS-SEM, must be focused on as the NCA results indicate its necessity for future market growth.

This research addresses a significant gap by focusing on Indian consumers' intention to use NFC-based mobile payments, an area largely unexplored despite the global and availability of such services. The study distinguishes itself by examining factors influencing adoption within the nascent stage of mobile-based NFC payments in India, where digital growth and technology uptake are gradually unfolding.

This chapter reviews new technologies, new types of players and new types of financial products that together are fundamentally affecting supply and demand dynamics in the financial sector and contributing to the emerging digital financial landscape. The aim of this chapter is to set a common understanding on the underlying forces of digital disruption in the financial sector before exploring the challenges to monetary and financial stability that are arising. In later chapters, the book will examine how central banks might deal with the challenges and help shape the emerging digital financial landscape.