Inclusive Instant Payment Systems (IPS) are more than just fast—they’re purpose-built to serve all users, especially those historically excluded from formal financial services. The article “What is an Inclusive and Instant Payment System (IIPS)?” published on Finextra, Steve Haley outlines what makes an inclusive payment system inclusive. The Director of Market Development and Partnerships for Mojaloop Foundation lays out the following key ideas:
- Inclusive Interoperability: More than allowing all types of financial service providers to participate, Inclusive IPS should go further and “enable” financial service providers the ability to strengthen the payment system.
- Inclusive Use Case Design: Systems should take a user-centric approach. Merchant payments, for example, should include QR codes, aliases, and confirmations designed to make the end-user experience inclusive.
- Bridging the Last Mile: Making sure that the Inclusive IPS caters to all people, including the unbanked.
Achieving financial inclusion through instant payment systems requires intentional design that prioritizes accessibility, affordability, and user trust. By focusing on inclusive interoperability and user-centric features, Inclusive IPS can bridge the gap between the unbanked and the digital economy, fostering equitable growth and opportunity.