JEL classification: E58, G21, G23;
Keywords: central banks, payments, banks;
Abstract: The aim of the paper is to discuss key challenges facing central banks due to evolution of payment
systems. The author distinguishes two aspects of the problem. The first one considers the implications
of changes in payments for the roles of central banks in national payment systems, namely
their role as operators, oversight authorities and catalysts. The second question is how evolution
of payment systems influences the nature of central banking. The study is based on the literature
review and the analysis and assessment of the information coming from the reports of international
institutions. It also uses the results of the author’s survey, which was conducted among central
banks of eleven countries.
The research leads to the conclusion that the challenges for central banks concern among others:
monitoring and assessing innovations and new mechanisms of payments, information policy in the
area of payments, promotion of standardization and interoperability of systems, effective oversight
and operational activities of central banks. The changing payments landscape also requires consideration
of long-term implications for monetary policy and central banks’ revenues.