Public sector digitalization is not a new idea for governments around the world, and many countries have made significant progress already. But as people and businesses increasingly adopt and rely on digital tools and interaction, digitalization is no longer an optional supplement for the public sector—it is now a real and urgent imperative, according to a new report entitled The Transformational Power of Digital Payments for Governments

Digital payments regularly play a key role in interactions of the public sector with citizens and businesses—and give governments a host of valuable opportunities to deliver lasting value. Forward-thinking governments can capitalize now on the high-value opportunities offered by digital payments in five key areas:

Greater digitalization of public procurement and government commercial payments can enable governments to foster a more resilient business environment—reducing costs, boosting efficiency, minimizing risks, and supporting small and medium-sized businesses (SMBs).
In public disbursement programs, well-developed digital infrastructure and digital payments can empower governments to get vital financial support to people and businesses in need—as quickly and effectively as possible.
Regulation, infrastructure, grants, and education put governments in the position to drive digitalization of SMB activities and payments—helping SMBs to extend their reach, boost their competitiveness and resilience, enhance efficiency, and improve their access to financing.
Payment data provides unique and significant insights into spend and mobility. This makes it highly valuable in policy- and decision-making—giving governments the agility to respond to critical social, economic, or environmental questions and issues as they arise.
By implementing a unified and integrated digital payment infrastructure and methods across public sector services and agencies, governments can become more open, inclusive, and user-friendly—improving satisfaction for citizens and businesses.
Digitalization of public sector interactions can empower governments to deliver on their core strategic goals—improving access to the public sector for all, reinforcing the trust of citizens and businesses in government, fostering innovation to support the growth of smaller businesses, and driving prosperty by creating an environment in which individuals, businesses, and different economic sectors can thrive.
This paper is part of a series of papers outlining 5 Key Opportunities for the public sector to harness the power of digital payments in order to:

  • digitalize and automate public procurement and commercial payments
  • make public disbursement programs more inclusive, timely, and effective
  • support small businesses to become more resilient and prosperous through digitalization
  • leverage payments data to address pressing issues such as tourism recovery or urban design
  • make public sector processes simpler, more digital, more convenient—and therefore more inclusive and efficient.

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