World Bank: Making Life Easier With Fast Payments And Digital ID

“The opportunity is not to build something entirely new, but to connect what already exists into a system that works” as “fraud becomes more sophisticated and AI-driven agents begin to initiate payments on behalf of users.” The World Bank is worried about getting non-banked people into the system; any new person needs verified identification. The largest concentration of non-bank people is in the Middle East. ⁃ Patrick Wood Editor.
Imagine this situation – María runs a small grocery shop, and one afternoon she receives a message asking her to pay a supplier urgently through the country’s fast payment system. The name looks familiar. The payment request looks real. She sends the money. Minutes later, she realizes it was a scam. The money is gone.
Fast payment systems are incredibly powerful. They move money instantly, around the clock, at low cost. But speed also removes the margin for error. Once funds move, they are hard to recover. And today, many fast payment systems still rely …