Global Payment Systems Index - a measure of development of payment systems across countries Online publication date: Tue, 09-Jul-2024
by Ashutosh Upadhyay; Kalluru Siva Reddy
International Journal of Electronic Banking (IJEBANK), Vol. 4, No. 4, 2024
Abstract: Development of efficient payment and settlement systems is a policy priority for the central banks and governments in all countries; however, the literature lacks a comprehensive measure to evaluate the extent of development of these systems across the countries. This paper tries to bridge this gap by constructing a Global Payment System Index (GPSI) to gauge the level of development of payment and settlement systems across countries. GPSI is a multidimensional index constructed with four dimensions, viz cashless payments, large value payment systems, enabling infrastructure, and currency in circulation. Dimensions are derived by indicators such as number of transactions per inhabitant, value of transactions as a percent of GDP, and annual growth rate in the volume and value of transactions/other indicators. GPSI derives a number between 0 to 1 for each country, where 0 indicates un/underdeveloped payment systems, while 1 indicates highly developed payment systems in a country.
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