The New Digital-Payments Race
In the classic account of technological disruption, small, flexible upstarts topple large, plodding incumbents because the latter fail to grasp the radical implications of innovations. But in the case of payments systems, central banks are not typical incumbents, and are more likely to facilitate the revolution than be devoured by it.
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LONDON – Steve Jobs is said to have had only one business book on his must-read list: The Innovator’s Dilemma, by the longtime Harvard Business School professor Clayton M. Christensen (who passed away earlier this year). Few books have left such a lasting impression on business leaders. And now that central bankers are confronting potentially disruptive innovations in payments, they would do well to absorb its lessons, too.