UN Principles for Responsible Digital Payments

2

Ensure funds are
protected and
accessible

According to GSMA, 1.2 billion people adopted digital payments between 2017 and 2020. Under this deluge, systemic issues have widened. For digital payments to surpass cash, users must feel confident that their funds are safe and accessible at all times.

Learn how to leverage platforms, protocols and relationships to ensure user funds are safeguarded for the future and actively grow user trust in digital payments.

RECOMMENDATIONS

Members can advocate with their regulatory guardians for three key principles that ensure access to funds:

  • real-time payment infrastructure to minimize loss and interruption in service to end-users
  • safeguards to ensure user funds are protected in the event of system failures
  • policy interventions and incentives for financial service providers to ensure sufficient accessibility and liquidity for end-users to access their funds.
PDF More recommendations on how to ensure funds are protected and accessible

IN PRACTICE

Nigeria’s instant settlements service uses a central payment switch to enable seamless transfers between accounts held in commercial banks. Liquidity is ensured by requiring participating banks to secure funds in regulated deposits.

Rappi and VISA’s e-wallet for LatAM users: Rappi, a Colombian fintech, uses machine learning to identify fraudulent transactions in real time. The system can also predict fraud to safeguard user funds proactively.

India’s Unified Payments Interface: Near-guarantee of instant settlements allows the platform to identify failed transactions and initiate immediate reversals while their claims are explored. The platform eliminates user risk through a settlement guarantee fund worth approximately US$27 million.