Description: When developed and deployed with consumer interests at the forefront, Digital Public Infrastructure (DPI) has the potential to be truly transformative. By increasing competition and fostering innovation in the financial sector, it can break down barriers to access and inclusion and increase opportunities for sustainable development. Case studies from Brazil and India show DPI’s potential to increase access to essential banking services, provide cost-effective alternatives to traditional payment methods, and drive competition in the financial sector. The promise of DPI lies in its ability to democratize finance, drive economic growth, and improve livelihoods at an unprecedented scale; however, without meaningful consultation across stakeholders - including from diverse consumer voices, expansion and reliance on financial DPI may further disenfranchise the very groups it intends to serve. For instance, rural communities with limited internet connectivity are at risk of being excluded from digital payment platforms, cutting them off from vital financial services. Women and low-income individuals, who already face disproportionate challenges in accessing traditional banking, are at risk of inequities being replicated and amplified in the digital realm. f strong data protection, cybersecurity and digital literacy initiatives do not accompany the rollout of financial DPI, consumers are more susceptible to falling victim to online scams, privacy breaches, and predatory lending. This workshop will discuss learnings, best practices and recommendations in financial DPI, drawing on two case studies: Brazil’s Pix payment system, which has enabled millions of previously unbanked individuals to participate in the digital economy while offering small businesses an affordable alternative to high credit card fees; and India's Unified Payment Interface (UPI), which has facilitated an explosion of digital transactions, empowering consumers and entrepreneurs alike. Panelists will discuss the importance of meaningful internet connectivity and digital literacy, anti-discrimination, data protection and cyber security to ensuring sustainable and inclusive financial DPI.
Open Zoom
