Ignazio Visco: The role of TIPS for the future payments landscape

Speech by Mr Ignazio Visco, Governor of the Bank of Italy, at the virtual conference "Future of Payments in Europe", organized by Deutsche Bundesbank, 27 November 2020.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
30 November 2020

I wish to thank President Weidmann and Mr Balz for their kind invitation to this conference on "The Future of Payments in Europe". Payments play a crucial role in the functioning of the economy and in our daily lives. They allow every citizen, every day, to participate in civil life and are essential to the well-functioning of domestic and international trade.

Today, technological innovation and the development of digital technologies are radically reshaping the demand and supply of new forms of payment. This change cannot be left unguided, as it must be ensured that payments are efficient, inclusive and safe. Central banks are at the forefront of this innovation process.

The Eurosystem's retail payments strategy aims to foster innovative and cost efficient payments. Providing the possibility to make easy, instant, efficient and safe payments to any counterparty, anywhere in Europe, is the cornerstone of this strategy.