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NOTE/2024/006 Positioning Central Bank Digital Currency in the Payments Landscape Manisha Patel, Safari Kasiyanto, and André Reslow FINTECH NOTE Positioning Central Bank Digital Currency in the Payments Landscape Prepared by Manisha Patel, Safari Kasiyanto, and André Reslow October 2024 iii ©2024 International Monetary Fund Positioning Central Bank Digital Currency in the Payments Landscape Note 2024/006 Prepared by Manisha Patel, Safari Kasiyanto, and André Reslow* DISCLAIMER: Fintech Notes offer practical advice from IMF staff members to policymakers on important issues. The views expressed in Fintech Notes are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. RECOMMENDED CITATION: Patel, Manisha, Safari Kasiyanto, and André Reslow. 2024. “Positioning Central Bank Digital Currency in the Payments Landscape,” IMF Fintech Note 2024/006, International Monetary Fund, Washington, DC. Publication orders may be placed online, by fax, or through the mail: International Monetary Fund, Publications Services P.O. Box 92780, Washington, DC 20090, USA Tel.: (202) 623-7430 Fax: (202) 623-7201 E-mail: publications@imf.org bookstore.IMF.org elibrary.IMF.org * This note was written under the supervision of Dong He and Tommaso Mancini-Griffoli with Manisha Patel as the lead author. The report has benefited from contributions of several IMF staff members, including Agnija Jekabsone, Ashley Lannquist, Anca Paduraru, Edona Reshidi, Natsuki Tsuda, and Tao Sun, as well as comments from the Bank for International Settlements (BIS) Innovation Hub and several IMF member countries. vi Contents Acronyms .................................................................................................................................................. viii 1. Introduction ............................................................................................................................................. 1 2. Understanding Retail Payment Systems .............................................................................................. 3 Stylized Models of Retail Payment Systems .......................................................................................... 3 Similarities and Differences .................................................................................................................... 5 3. CBDC’s Role in an Evolving Payments Landscape ............................................................................ 7 Emerging Developments and Trends in the Payments Landscape ....................................................... 7 How Different Systems Meet Central Banks’ Objectives...................................................................... 10  Financial Inclusion ...........................................................................................................