- the - technology - that - gst - will - bank - on - fromjuly / articleshow / 58907708. cms https : / / www. gst. gov. in / by design, invoicing data about their own business is made available to users of the gstn. continuing the theme from the pcr, we already know that trusted, verifiable data from any registry can significantly improve access to credit. similarly, we expect an explosion in the number of credit products specifically designed for business flow, such as invoice discounting based on gstn data. the interplay of pcr and gstn now, the pcr can aggregate the information of a borrower using the core credit information repository and information lying in a set of sub - systems spread across multiple agencies ( e. g. mca database, gstn etc., refer to chart 2 above ), to aggregate information of a borrower. together, these sub - systems create a universe of verifiable information and allow safe access to the data for all important stakeholders in the financial system. what is noteworthy about these institutions is that they are all digital - native. they have been designed as digital infrastructure, being able to support multiple use cases atop them, without being partial or overly prescriptive on any one use case. this is not happening in a vacuum. much of this would not be possible if the other roadblocks to going digital weren ’ t already solved. other public digital infrastructure such as ekyc for knowing your customer or unified payments interface ( upi ) for digital payments are nudging users towards creating larger data footprints, and helping them indirectly improve their creditworthiness. with this infrastructure in place, we expect the costs for on - boarding those users who are currently excluded by formal credit to nosedive. it will become feasible to serve a large number of customers, operating at a much lower average transaction size. just like in the fast - moving consumer goods ( fmcg ) sector, banking and access to credit too will be ‘ sachetized ’ to make it more accessible and affordable for the masses. we want that even a small tea shop vendor should be able to take a 500 rupee loan at fair rates, say, for only a week, based on such data. it doesn ’ t stop there. these new institutions can also provide better tools to regulators and researchers to monitor the health of,

sale, or more broadly the point of interaction ( poi ). for merchants, instant payments at the poi could be a cost - efficient alternative to cards. such solutions are currently emerging across europe. it is important to ensure that they have pan - european reach so that end users can make and receive payments without restriction across national borders. to this end, the erpb set up a working group to analyse in detail the barriers to pan - european reach and usability and ways to overcome them. many of the innovative payment solutions introduced over the past few years have been based on the use of card payment schemes. although payment cards are the most widely used payment instrument in europe, a true sepa for cards has not yet been achieved. for example, cardholders cannot use their national payment cards to make payments across europe unless they go through a global card payment scheme that can execute such intra - european payments. the industry sees the implementation of a european infrastructure for instant payments as an opportunity to instantly clear and settle card transactions, which would offer a possible way of supporting the interlinking and interoperability of national card schemes. efforts to ensure the interoperability of schemes should be strengthened and should aim to foster a european identity, for example by using a common european logo to show users that their cards can be used across the eu. let me now conclude. digitalisation has brought a great deal of change to the payments market, and there is more on its way. the gdpr and psd2 have been introduced to protect eu citizens and to support competition in payments. for its part, the eurosystem is helping to drive innovation and integration in retail payments, not least by providing instant settlement services through tips and setting up the erpb as a forum for high - level market agreements. the main areas for further development are standardised apis, instant payments at the point of sale, and the interoperability of national card schemes. i look forward to proactive cooperation with the payments industry in these areas, based on joint standardisation and harmonisation. thank you for your attention. 2 / 2 bis central bankers'speeches