Kati Suominen Collates Key Insights on Fast Payment Systems in Research Report

The wegg® team and Board of Directors is comprised of trailblazers, changemakers, and thought leaders. We jump at the opportunity to showcase and applaud one of our own’s work and prowess. This month, Board Member Kati Suominen published data research findings on the “Uptake, Use, and Inclusion Gains from Fast Payment Systems” for the Center for Strategic and International Studies. Kati is an adjunct fellow with the Scholl Chair in International Business at the Center for Strategic and International Studies and focuses especially on digitization, disruptive technologies, and trade. She is also the founder and CEO of the Los Angeles-based Nextrade Group, which helps governments, multilateral development banks, and Fortune 500 technology companies enable trade through technology.

As cited in the introductory paragraph, Kati outlines the early comparative data findings as thus,

“The purpose of this brief, based on a longer Nextrade Group study, is to promote data-driven, policy-relevant discussion on the role of different types of FPSs [faster payment systems] and other payment systems in inclusive development. The paper explores various types of data to start shedding light on the impact of FPSs on digital payments use, access to finance, and participation in cross-border trade among consumers and small and medium-sized enterprises (SMEs). It also seeks to raise questions for future research and provide recommendations to policymakers interested in building FPSs.”

The four primary conclusions that Kati presents based on the existing data and hypotheses include,

1. FPS adoption and use appears to be especially robust in countries with substantial preexisting and rapidly growing use of digital payments.
2. FPS adoption appears to be strongest and FPSs appear to be valued most among SMEs and consumers that already use some other digital payment system.
3. FPSs are perceived as providing convenience at moderate cost, while cards are seen as conducive to access to credit and cross-border payments.
4. FPS adoption has helped some consumers and firms access financing, but card users and users of both cards and FPSs report better access to finance than FPS-only users.

We implore our audience to dive into the full report, as the information is enlightening and educational. Remaining up to date on the pulse of global trends across the economic landscape is imperative to our work as an organization serving women around the world, and we are grateful for Kati’s continued contributions to our growth and all-around betterment.