Digital payments are often presented as a way to bring more people into the financial system. Mobile wallets, online transfers and app-based payment systems are now central to how governments, banks and technology firms talk about expanding access to financial services.

This is particularly significant today. Around the world, governments are investing heavily in digital finance as part of broader development and sustainability strategies. In Canada, public efforts have focused on strengthening digital payment infrastructure and regulation rather than expanding access directly.

Payments Canada is undertaking a multi-year modernization of core payment systems, including the development of a real-time payment rail, while the federal government has introduced a consumer-driven banking framework to support secure data sharing and innovation in financial services.

From emerging economies to high-income countries, digital payments are seen as tools for inclusion, resilience and growth, from India’s Unified Payments Interface to Brazil’s PIX instant payment system.

At the same time, digital payments do not work equally for everyone. Our recent research suggests a more complex picture of digital payments.

Digital payment technologies can support financial inclusion, especially in........

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