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Designing regulations for the age of digital payments

While digital asset ecosystems continue to hold great promise, they often lack trust, governance and interoperability. This prevents them from enabling simple and secure digital commerce use cases for ordinary users. New regulatory standards can help them flourish by developing consistent expectations, clear frameworks and a shared global understanding.

Digital innovation in finance has captured the attention of policymakers for many years, with a recent focus directed toward how new technologies will reshape the future of money and payments. While innovation in payments is not a new phenomenon, the pace of this innovation is arguably much faster than in previous decades, with changes in consumer demand for digital financial services being a key driver. 

There is similarly great excitement about future applications of blockchain and digital assets in the payments industry. They are seen as another potentially revolutionary technology, thanks in part to the rapid development of permissionless systems and novel tools like programmable “smart contracts.”

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Authors

  • Jesse McWaters leads Mastercard’s global regulatory advocacy function, where he is responsible for directing the company’s regulatory standards engagement on a wide range of emerging regulatory and policy issues, including CBDCs, cross-border payments, crypto assets, digital ID and consumer protection. Prior to joining Mastercard, Mr. McWaters served as Financial Technology & Innovation Lead at the World Economic Forum and as a financial services strategy consultant at Deloitte, where he supported large-scale technology transformations and the roll-out of new business models for leading banks, insurers and wealth managers.

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  • Joy Wann is a Director in the global regulatory advocacy team at Mastercard, where she is responsible for its policy and regulatory engagement on digital assets and central bank digital currencies. Prior to joining Mastercard, Ms.Wann worked at the Bank for International Settlements, where she was a Project Lead and Advisor at the BIS Innovation Hub, and a Member of the Basel Committee Secretariat. She also previously worked for the Reserve Bank of Australia’s financial stability department, and has served as a Policy Advisor for the Australian Prudential Regulation Authority and a senior risk analyst at the Macquarie Group.

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