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The address links innovation in finance and digital payments to productivity and broad-based growth, arguing that payment innovation reduces economic frictions. It examines how distributed ledger technologies and stablecoins can reshape settlement, access, and collateral use, while legal and infrastructure constraints must evolve. It also highlights evidence that digitalisation raises productivity, and reviews lessons from UPI, Pix, and BLIK, emphasizing accessibility, interoperability, and trust.",{"@graph":69,"@context":114},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/stefano-scarpetta-speech-financial-innovation-implications-for-payments-and-policy-oecd-economic-symposium-jackson-hole-wyoming/661278/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/stefano-scarpetta-speech-financial-innovation-implications-for-payments-and-policy-oecd-economic-symposium-jackson-hole-wyoming/661278.png","ImageObject",300,407,{"name":92,"@type":93},"Anna Hans","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-30","2026-10-28",true,{"@type":102,"interactionType":103,"userInteractionCount":19},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108],{"name":109,"@type":110,"acceptedAnswer":111},"What are the two key longer-standing structural policy issues highlighted?","Question",{"text":112,"@type":113},"They are cross-border payments, where price is a main barrier, and small firms’ financing of digital investment, where the barrier is access to capital.","Answer","https://schema.org",{"og:url":83,"og:type":116,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":118,"canonical":83},"index,follow",{"doc_id":120,"site_id":62},661278,1793162356,{"code":4,"msg":5,"data":123},{"doc_id":120,"user_id":124,"nickname":92,"user_avatar":125,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":126,"file_id":127,"file_url":128,"file_type":129,"file_size":130,"view_count":19,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":34,"language":131,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":132,"faqs":133,"seo_title":134,"seo_description":67,"update_tm":121,"read_time":135},5909892332657,"https://ap-avatar.wpscdn.com/davatar_994ba38a5ba835b3df7d355c54d3ed8d","Speech delivered by OECD Chief-Economist Stefano Scarpetta at the Economic  \nSymposium, Jackson Hole, Wyoming, on 28 August 2026 for the \"Financial Innovation: Implications for Payments and Policy\" Session.  \nCheck against delivery  \nGood morning,  \nIt is a pleasure to be here today and to participate in this distinguished panel.  \nFrom the OECD's vantage point, my focus will be on the linkages from innovation in finance and digital payments to productivity and broad-based growth.  \nPayment innovation is ultimately about reducing frictions in the economy.  \nEvery payment takes time. Every payment carries a cost. Every payment involves risks.  \nReducing such frictions helps firms operate more efficiently, enables households and firms access opportunities, and allows economies to allocate resources more productively.  \nThe central question is not whether innovation will transform payments. That is already happening. The question is how to ensure that innovation translates into higher productivity, broader and stronger growth.  \nI would like to focus on three questions:  \n• what is actually changing in payments,(Pablo Hernandez already spoke extensively)  \n• why it matters for growth,  \n• and what policymakers should do about it.  \nWhat is changing in payments  \nDistributed ledger technologies (DLT) have the potential to transform payments and the financial sector more broadly. In payments, this potential is most visible today in stablecoins, which have grown from a niche crypto-market instrument into a sizeable financial market phenomenon, with the potential to play a larger role in payments, particularly across borders.  \nHowever, stablecoins are just one application of DLTs. The same technology can turn traditional financial assets--bonds, securities and funds-- into digital tokens, putting ownership and payment on a single record instead of several systems checking each other after the fact. In principle, this can lower settlement risk, open access to smaller investors through fractional ownership, and speed up the use of assets as collateral. Yet legal and market infrastructure constraints still limit large-scale deployment.1 Many of these legal  \n1 Cipollone, P. (2026), \"Sparking the transformation of finance: tokenisation and the role of central banks,\" speech at the 24th Annual Symposium on Building the Financial System of the 21st Century, Harvard Law School/Program on International Financial Systems, Washington DC, 15 April 2026, ECB. [https://www.ecb.europa.eu/press/key/date/2026/html/ecb.sp260415](https://www.ecb.europa.eu/press/key/date/2026/html/ecb.sp260415)~868b59bca9 .en. html.  \nconstraints arise for legitimate regulatory objectives. But they need to be reassessed in line with emerging technologies.  \nWhy digital innovation in financial markets matters  \nWhatever form digital innovation takes next, the more fundamental question is why this matters for growth. History provides many examples on how innovation in the financial system harnessed modern technologies to boost growth. Let me highlight one of our findings.  \nIn a recent study focusing on 21 countries, we estimated that a 10% increase in financial-sector digitalisation is associated with a 0.1 percentage point increase in annual productivity growth for the average industry. 2 However the effect is more than twice as large in intangible-intensive industries, that rely more on data, R&D, and organisational capital than for industries relying more heavily on physical assets.3  \nThis mechanism operates mainly through improved capital allocation to more productive firms and easing credit constraints particularly for SMEs, thereby reducing the interest-rate premium faced by small firms.  \nThere is also emerging evidence that successful innovation in digital payments can arise in very different institutional settings.  \nIndia's UPI (Unified Payments Interface) system, Brazil's Pix, and Poland's BLIK all follow different models. Yet they share common characterist","cbCaisqjegVWa7Ya","https://ap.wps.com/l/cbCaisqjegVWa7Ya","pdf",243765,"English","# Opening and focus\n## Reducing frictions in the economy\n# What is changing in payments\n## Distributed ledger technologies and stablecoins\n## Tokenisation and infrastructure constraints\n# Why digital innovation matters for growth\n## Evidence from financial-sector digitalisation\n## Channels: capital allocation and credit constraints\n# Policy implications and lessons from international experience\n## No single model: accessibility, interoperability, trust\n## Cross-border payments and remittances","[{\"question\":\"What are the two key longer-standing structural policy issues highlighted?\",\"answer\":\"They are cross-border payments, where price is a main barrier, and small firms’ financing of digital investment, where the barrier is access to capital.\"}]","Stefano Scarpetta speech - Financial Innovation: Implications for Payments and Policy - OECD Economic Symposium, Jackson Hole, Wyoming | PDF",18]