Ignazio Visco: Digital transformation of the retail payments ecosystem

Welcome address by Mr Ignazio Visco, Governor of the Bank of Italy, at the joint ECB and Bank of Italy conference "Digital transformation of the retail payments ecosystem", Rome, 30 November 2017.

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

I am pleased to welcome all the speakers and participants to this conference on the ongoing digital transformations in the retail payments ecosystem. The programme is remarkable: many key issues for central banks and the private sector will be discussed in these two days. Let me take this opportunity to thank the organizers at both the Bank of Italy and the European Central Bank for putting together such a broad and relevant array of topics.

The fast evolution of digital technologies promises to deliver benefits but it also creates new challenges for the payment system and its stakeholders. Today's conference is an opportunity to take stock of recent advances, to evaluate possible future landscapes in retail payments and to discuss the challenges and opportunities they pose to central banks and the population at large. I am sure that maintaining a continuous dialogue among central bankers, private sector representatives and academics on the subjects that will be discussed in this conference will contribute to the efficiency and safety of our payment systems.