---
title: "Product Innovation & Market Development (W9) by jurisdiction — World Payments Monitor"
canonical: https://payments.gi/modules/product-innovation-market-development/
source_html: /modules/product-innovation-market-development/index.html
description: "Product Innovation & Market Development (W9) across 154 jurisdictions: standing position, confidence and sourced findings for each, from the World Payments Monitor weekly cycle."
generated_at: 2026-11-15T08:17:58Z
content_sha256: 04db7a33079fad43818f131173dba2c809996324883f17ce82c735c9cdc4c125
generator: "fe-fleet/md-twin@1.0"
---
# Product Innovation & Market Development

W9

Open banking, PSD3, embedded finance and BNPL.

154 Jurisdictions

6 Moved this cycle

1,312 Sourced findings

W9 Module

Every jurisdiction World Payments Monitor tracks for W9, with the standing position recorded in the current weekly cycle. Each entry links to the full module on that jurisdiction’s page, where the sourced findings and evidence sit.

Filter jurisdictions in W9 Moved this cycle Confirmed 55 Probable 98 Uncertain 1 154 of 154

### Africa

AFR Confirmed 10 sourced findings

The bloc is instant-payments-led. Nigeria's NIBSS Instant Payment (NIP) is Africa's largest IPS and among the world's top six, the first African IPS to reach 'Maturity' on AfricaNenda's Inclusivity Spectrum, now upgrading to a National Payment Stack on ISO… [Full module →](https://payments.gi/jurisdictions/africa/#w9-product-innovation-market-development)

### Algeria

DZ Probable 13 sourced findings

Product innovation is led by the new PSP/digital-bank tracks, SATIM's instant-switch upgrade, ISO 20022 migration, and a targeted 2026 regulatory sandbox.

### Argentina

AR Confirmed 11 sourced findings

Innovation is led by Transferencias 3.0 (instant interoperable QR, launched December 2020, fully implemented November 2021) and a building-out open-finance system. Decree 353/2025 (23 May 2025) created the Sistema de Finanzas Abiertas with the BCRA as… [Full module →](https://payments.gi/jurisdictions/argentina/#w9-product-innovation-market-development)

### Asia-Pacific

APAC Confirmed 10 sourced findings

HKMA's 2026 Policy Address (16 September 2026) and Eddie Yue's 23 September remarks commit to letting regulated stablecoins trade on licensed VA platforms and settle tokenised money-market funds, launching CMU 24-hour real-time on-chain settlement using e-HKD… [Full module →](https://payments.gi/jurisdictions/asia-pacific/#w9-product-innovation-market-development)

### Australia

AU Confirmed 9 sourced findings

Payment stablecoins routed into the tokenised SVF regime (monthly reserve disclosure, guaranteed redemption) rather than the Digital Assets Framework; major SVF prudential category proposed at A$200m aggregate-credit threshold.

### Austria

AT Probable 12 sourced findings

Product innovation in Austria is concentrated in instant-payments/Verification-of-Payee rollout, PSD2 open banking (led early by UniCredit Bank Austria), the FMA's 2020 regulatory sandbox, and the ECB's digital-euro preparation phase. Domestic crypto-native… [Full module →](https://payments.gi/jurisdictions/austria/#w9-product-innovation-market-development)

### Bangladesh

BD Probable 11 sourced findings

Product innovation is centred on domestic rail-building: the TakaPay national card scheme (launched June 2024) aims to reduce reliance on foreign card networks, and the November 2025 NPSB interoperability upgrade allows direct transfers across banks, MFS… [Full module →](https://payments.gi/jurisdictions/bangladesh/#w9-product-innovation-market-development)

### Belgium

BE Probable 10 sourced findings

Belgium is a lead market for pan-European instant-payment innovation via Wero, sits inside the Eurosystem digital-euro preparatory phase, and hosts an active fintech innovation scene recognised via the Digital Finance Awards Belgium.

### Brazil

BR Probable 9 sourced findings

Brazil is a global instant-payments innovation leader. Pix has expanded from one-time P2P/P2B transfers into a product family: Pix Agendado (scheduled), Pix por Aproximação (contactless, launched Feb 2025), Pix Automático (recurring/direct-debit-style… [Full module →](https://payments.gi/jurisdictions/brazil/#w9-product-innovation-market-development)

### Bulgaria

BG Probable 8 sourced findings

Bulgaria's flagship payments innovation is Blink, expanding from BGN P2P into euro SEPA Instant reachability, mobile-number lookup, and planned Apple Pay/Google Pay integration. The FSC runs a fintech innovation hub referencing the European Blockchain… [Full module →](https://payments.gi/jurisdictions/bulgaria/#w9-product-innovation-market-development)

### Cambodia

KH Probable 9 sourced findings

Product innovation in Cambodia centres on the NBC-led Bakong/KHQR/FAST triad: Bakong (blockchain-based instant payment and tokenised-deposit platform, launched Oct 2020), KHQR (unified EMV QR standard, July 2022) and the FAST payment system. Innovation… [Full module →](https://payments.gi/jurisdictions/cambodia/#w9-product-innovation-market-development)

### Cameroon

CM Probable 10 sourced findings

Product innovation is concentrated in mobile-money extensions (BNPL, savings apps, cross-border diaspora wallets), new-entrant rail launches (Camtel's Blue Money, Wave), and regional interoperability pilots (GIMACPAY QR/merchant-payment testing with… [Full module →](https://payments.gi/jurisdictions/cameroon/#w9-product-innovation-market-development)

### Canada

CA Confirmed 13 sourced findings

Canada's Consumer-Driven Banking Act (open banking) was re-enacted in comprehensive form via Bill C-15 (Royal Assent March 26, 2026), moving oversight from FCAC to the Bank of Canada, with proposed implementing Regulations published for consultation June… [Full module →](https://payments.gi/jurisdictions/canada/#w9-product-innovation-market-development)

### Canada – Alberta

CA-AB Probable 14 sourced findings

Alberta's Financial Innovation Act sandbox anchors provincial fintech testing; national product development affecting Alberta includes RTR, the phased CDBA open-banking rollout, and Calgary-origin AI/agri-fintech product launches.

### Canada – British Columbia

CA-BC Probable 7 sourced findings

BC benefits from Canada's parallel national modernization push: the Consumer-Driven Banking Act (open banking, Royal Assent March 26, 2026) launching phased read-access in 2026 and write-access mid-2027, and the Real-Time Rail instant payments infrastructure… [Full module →](https://payments.gi/jurisdictions/canada-british-columbia/#w9-product-innovation-market-development)

### Canada – New Brunswick

CA-NB Confirmed 7 sourced findings

Canada's two flagship product-innovation initiatives -- the Real-Time Rail (RTR) instant-payments infrastructure and the Consumer-Driven Banking (open banking) framework -- both apply nationally to NB. Open banking's Phase 1 (read access) is targeted for 2026… [Full module →](https://payments.gi/jurisdictions/canada-new-brunswick/#w9-product-innovation-market-development)

### Canada – Ontario

CA-ON Probable 15 sourced findings

Canada's Consumer-Driven Banking Act entered implementation with proposed regulations published June 27, 2026 (consultation closes August 26, 2026); oversight shifts from FCAC to the Bank of Canada; screen-scraping prohibited.

### Canada – Quebec

CA-QC Probable 10 sourced findings

OSC, AMF and CIRO jointly approved a regulatory-sandbox pilot ('Project Samara') in March 2026 for a consortium including RBC Dominion Securities, RBC Investor Services Trust, TD Securities, the Bank of Canada and Export Development Canada.

### Chile

CL Confirmed 16 sourced findings

CMF's Open Finance (Sistema de Finanzas Abiertas, SFA) leg of Ley 21.521 has been delayed a second time: NCG N569 (1 June 2026) amended NCG 514 and added Technical Annex 3, pushing full entry into force to July 2027 rather than the originally planned July… [Full module →](https://payments.gi/jurisdictions/chile/#w9-product-innovation-market-development)

### China (mainland)

CN Probable 13 sourced findings

Product innovation centres on e-CNY's interest-bearing transition, PBOC fintech sandboxes across Beijing/Shanghai/Shenzhen/Suzhou, and AI-native products such as Alipay's AI Pay.

### Colombia

CO Probable 7 sourced findings

Colombia's payments innovation agenda for 2026-2030 rests on three reinforcing pillars: mandatory open finance (Decreto 0368 de 2026), interoperable instant payments via Bre-B (live October 2025), and partial usury-rate liberalisation. Bre-B drew on Pix… [Full module →](https://payments.gi/jurisdictions/colombia/#w9-product-innovation-market-development)

### Costa Rica

CR Probable 13 sourced findings

SINPE Móvil is Costa Rica's flagship retail payment innovation, achieving near-universal adult engagement since its 2015 launch, alongside a 2015-era EMV/contactless migration mandate and the SINPE-TP transit-payment rollout. CBDC work remains at research… [Full module →](https://payments.gi/jurisdictions/costa-rica/#w9-product-innovation-market-development)

### Croatia

HR Probable 9 sourced findings

Croatia's product innovation is concentrated in instant payments (SCT Inst live since 2023), open banking (PSD2 XS2A APIs live via Berlin Group NextGenPSD2 standard since 2019), and crypto payment rails (Electrocoin's PayCek). No standalone regulatory sandbox… [Full module →](https://payments.gi/jurisdictions/croatia/#w9-product-innovation-market-development)

### Curaçao

CW Probable 5 sourced findings

The dominant product-development event of the baseline period is the March 2025 launch of the Caribbean guilder (XCG), the new common currency for Curacao and Sint Maarten replacing the Netherlands Antillean guilder. In parallel, CBCS is developing Instant… [Full module →](https://payments.gi/jurisdictions/curacao/#w9-product-innovation-market-development)

### Cyprus

CY Probable 5 sourced findings

Cyprus's legacy AML-only national CASP registration regime has been fully retired: the MiCA grandfathering window (Article 143(3)) closed on 1 July 2026, after a 27 February 2026 application deadline, moving all CASPs onto full EU MiCA authorisation or a… [Full module →](https://payments.gi/jurisdictions/cyprus/#w9-product-innovation-market-development)

### Czech Republic

CZ Probable 8 sourced findings

CNB advancing bulk instant payments (targeted 2026), mandatory euro instant payments for domestic banks including cross-border (July 2027), and euro payments from koruna accounts (June 2028).

### Denmark

DK Probable 10 sourced findings

Denmark's product-innovation layer centres on PSD2 open banking (AISP/PISP), with the incoming EU FiDA regulation set to extend this to open finance; MitID underpins strong customer authentication and near-zero-fraud claims for domestic rails. Vipps MobilePay… [Full module →](https://payments.gi/jurisdictions/denmark/#w9-product-innovation-market-development)

### Dominican Republic

DO Probable 9 sourced findings

Non-bank fintechs (via ADOFINTECH) are being formally incorporated into BCRD's new instant-payments infrastructure, extending market access beyond traditional banks.

### Ecuador

EC Probable 13 sourced findings

Instant/real-time payments scale under BCE's SIP/RPI program; JPRFM-2026-029-M (18 Jun 2026) entrenches payment-order irrevocability, mandates 24/7 real-time processing, standardises QR codes, and introduces payment-key portability between networks.

### Egypt

EG Confirmed 11 sourced findings

Egypt's flagship rail is the Instant Payment Network (IPN), launched 22 March 2022, connecting all banks for 24/7 real-time transfers, operated by EBC with the CBE as settlement agent; the consumer app InstaPay was the first CBE-licensed IPN app. In 2024 IPN… [Full module →](https://payments.gi/jurisdictions/egypt/#w9-product-innovation-market-development)

### Estonia

EE Probable 10 sourced findings

Estonia's crypto-asset regime has fully transitioned to MiCA: legacy FIU VASP licences invalid from 1 July 2026; Finantsinspektsioon is sole CASP authority; FIU continued interim enforcement (BB Trade Estonia OÜ revocation, 29 June 2026).

### European Economic Area

EEA Confirmed 4 sourced findings

EEA product development is led by instant A2A rails and a sovereign-payments agenda. The EPI's Wero wallet (operated since July 2024 across DE/FR/BE) reached 46m+ users and launched an e-commerce solution in November 2025. The ECB concluded the digital euro… [Full module →](https://payments.gi/jurisdictions/european-economic-area/#w9-product-innovation-market-development)

### Finland

FI Confirmed 9 sourced findings

Bank of Finland-coordinated instant-payment rail development, prospective ECB digital-euro alignment, TIBER-FI testing and rapid A2A growth define the innovation frontier.

### France

FR Confirmed 9 sourced findings

Innovation is led by (i) the EPI Wero wallet rollout (P2P live in France 2024, e-commerce checkout 2025-2026, POS 2027); (ii) open banking under PSD2 (PSD3/PSR in train); (iii) the digital euro — the ECB opened a new technical-preparation phase on 29 Oct 2025… [Full module →](https://payments.gi/jurisdictions/france/#w9-product-innovation-market-development)

### Germany

DE Confirmed 9 sourced findings

Two parallel innovation tracks dominate: (1) the bank-led Wero wallet (European Payments Initiative), live for P2P since 2024 and rolling into e-commerce from late 2025, with German issuers (Sparkassen, Postbank, Deutsche Bank, ING Germany, Commerzbank… [Full module →](https://payments.gi/jurisdictions/germany/#w9-product-innovation-market-development)

### Ghana

GH Confirmed 12 sourced findings

Ghana is an instant-payments and inclusion innovation leader: GhIPSS Instant Pay (GIP), full Mobile Money Interoperability (MMI), GhQR universal QR, GhanaPay bank-led wallet and e-zwich. BoG runs a Regulatory and Innovation Sandbox, is piloting an… [Full module →](https://payments.gi/jurisdictions/ghana/#w9-product-innovation-market-development)

### Gibraltar

GI Probable 5 sourced findings

Gibraltar positions itself as an innovation-forward fintech hub. Key 2025–2026 developments include the joint Government/GFSC/Bullish Digital Clearing and Settlement Framework initiative (announced May 2025 for virtual-asset derivative clearing/settlement via… [Full module →](https://payments.gi/jurisdictions/gibraltar/#w9-product-innovation-market-development)

### Greece

GR Probable 10 sourced findings

IRIS is Greece's flagship payments-innovation story, expanding to pan-European interoperability via EuroPA. BNPL is emerging (Klarna/TBI Bank since 2022), facing incoming CCD2-driven regulation. A BoG regulatory sandbox supports fintech testing.

### Hong Kong

HK Confirmed 6 sourced findings

HKMA piloting FPS-based digital payment solutions for derivatives-trading settlement since June 2026.

### Hungary

HU Probable 4 sourced findings

Hungary shortened its MiCA transition period and layered a domestic crypto-transaction validator requirement beyond MiCA, triggering EU Commission infringement proceedings; following the April 2026 change of government, Hungary repealed the validator… [Full module →](https://payments.gi/jurisdictions/hungary/#w9-product-innovation-market-development)

### Iceland

IS Confirmed 6 sourced findings

The dominant current product-innovation story is Iceland's 2026 TIPS/Eurosystem accession, layered on an existing PSD2 open-banking build-out (sandboxes, API partnerships) and a CBI-led push to explore an independent domestic retail payment rail as a… [Full module →](https://payments.gi/jurisdictions/iceland/#w9-product-innovation-market-development)

### India

IN Confirmed 12 sourced findings

India is a global front-runner in rail and product innovation: UPI (real-time rails), UPI 123Pay/UPI Lite (feature-phone and offline low-value), the e₹ CBDC pilots with programmability and offline NFC, and an active RBI regulatory sandbox plus the CBDC and… [Full module →](https://payments.gi/jurisdictions/india/#w9-product-innovation-market-development)

### Ireland

IE Confirmed 6 sourced findings

Innovation is anchored by the CBI Innovation Sandbox (second cohort 'Innovation in Payments' opened 23 September 2025, applications to 10 November 2025, programme running from January 2026) and the EU open-banking/PSD2 build-out (with PSD3/PSR in train). The… [Full module →](https://payments.gi/jurisdictions/ireland/#w9-product-innovation-market-development)

### Isle of Man

IM Probable 8 sourced findings

The IOMFSA operates a regulatory sandbox (via Digital Isle of Man collaboration) historically limited to FSA08-regulated activities but with plans to extend to insurance, alongside an annual Innovation Challenge run by the Department for Enterprise; there is… [Full module →](https://payments.gi/jurisdictions/isle-of-man/#w9-product-innovation-market-development)

### Italy

IT Confirmed 9 sourced findings

Italy is an active participant in Eurosystem digital-euro preparation (PSP applications for the pilot phase due 14 May 2026, pilot expected H2 2027) and in domestic public-sector digital infrastructure via the PagoPA platform, now 49%-owned by Poste Italiane… [Full module →](https://payments.gi/jurisdictions/italy/#w9-product-innovation-market-development)

### Ivory Coast (UEMOA bloc)

CI Confirmed 11 sourced findings

Côte d'Ivoire and UEMOA are in an active modernisation cycle: the regional instant-payment platform PI-SPI launched 30 Sept 2025 (connection deadlines extended to Sept 2026 for banks/EMIs/PIs and June 2027 for microfinance), the BCEAO authorised mobile-money… [Full module →](https://payments.gi/jurisdictions/ivory-coast-uemoa-bloc/#w9-product-innovation-market-development)

### Japan

JP Confirmed 11 sourced findings

Zengin-Net and JSCC published a joint modernisation roadmap track (April 2026) for next-generation settlement infrastructure; Japan Post Bank has announced plans to launch a deposit-backed digital currency for individual and corporate clients within fiscal… [Full module →](https://payments.gi/jurisdictions/japan/#w9-product-innovation-market-development)

### Kazakhstan

KZ Probable 15 sourced findings

Kazakhstan runs one of the most advanced CBDC and open-banking programmes in the post-Soviet space: the digital tenge is in live/limited-production use for public-finance scenarios, a digital-asset regulatory sandbox is running its first cohort, and Open… [Full module →](https://payments.gi/jurisdictions/kazakhstan/#w9-product-innovation-market-development)

### Kenya

KE Probable 13 sourced findings

Innovation is rail- and product-led: the CBK Fast Payment System (national switch) initiative, the M-Pesa 'Fintech 2.0' core re-platform (Sept 2025), the Pesalink–PAPSS cross-border rail (Feb 2026), open-banking/open-finance discussions, and embedded credit… [Full module →](https://payments.gi/jurisdictions/kenya/#w9-product-innovation-market-development)

### Laos

LA Probable 8 sourced findings

Laos' payments innovation agenda centres on the LaPASS RTGS system (launched June 2020) and LaoQR code standard, a CBDC feasibility study conducted with Japanese fintech firm Soramitsu, an active cross-border QR interoperability programme (Thailand, Cambodia… [Full module →](https://payments.gi/jurisdictions/laos/#w9-product-innovation-market-development)

### Latin America

LATAM Confirmed 9 sourced findings

Brazil's BCB continues expanding Pix into collateralised lending (Pix em Garantia), mandatory NFC tap-to-pay (22 Apr 2026), and mandatory hybrid billing (Nov 2026), extending Pix from a P2P rail into a full commercial payments platform.

### Latvia

LV Probable 9 sourced findings

Innovation Hub/Sandbox/ZibLab active; Fintech Strategy targets one-third fintech growth; new specialised credit institution category launched Jan 2026; AI adoption doubling.

### Liechtenstein

LI Probable 6 sourced findings

Fintechs combining payment/e-money services with crypto-asset services face a convergent authorisation pathway: FMA processes PI/EMI licences under the payments regime while MiCAR governs crypto-asset-service authorisation, following MiCAR's full application… [Full module →](https://payments.gi/jurisdictions/liechtenstein/#w9-product-innovation-market-development)

### Lithuania

LT Confirmed 6 sourced findings

The Bank of Lithuania actively fosters innovation via its award-winning Newcomer Programme (one-stop pre-application consultation), a regulatory sandbox (live-environment testing up to 6 months, extendable to 12), the LBChain blockchain sandbox, an AI… [Full module →](https://payments.gi/jurisdictions/lithuania/#w9-product-innovation-market-development)

### Luxembourg

LU Probable 10 sourced findings

Luxembourg's CSSF published its first FAQ on fund tokenisation on 2026-10-02, confirming that Luxembourg-domiciled investment funds (UCIs) may issue units/shares natively on a distributed ledger, in token form only, while the legal form of the security… [Full module →](https://payments.gi/jurisdictions/luxembourg/#w9-product-innovation-market-development)

### Macau SAR

MO Probable 12 sourced findings

Macau's Investment Funds Law (in force 1 January 2026) replaces the 1999 fund regime, permitting contractual funds, SIC investment companies, and FPL limited partnerships, with redomiciliation for foreign funds and AMCM prior-authorisation for marketing.

### Malaysia

MY Probable 7 sourced findings

DuitNow remains MY's core instant-payments rail; 2026 developments include cross-border QR interoperability expansion (2.5x growth to 29.7m transactions in 2025) and deepened Project Nexus multilateral integration via a PayNet-NETS joint venture appointed… [Full module →](https://payments.gi/jurisdictions/malaysia/#w9-product-innovation-market-development)

### Malta

MT Confirmed 7 sourced findings

Innovation is anchored by the MFSA FinTech Strategy (2019), the FinTech Regulatory Sandbox (Rule 3 of the MFSA Act, launched 2020, revised v2), and a dedicated FinTech Supervision Function and Innovation Office. Open banking exists via PSD2 APIs but adoption… [Full module →](https://payments.gi/jurisdictions/malta/#w9-product-innovation-market-development)

### Mexico

MX Probable 16 sourced findings

Mexico's federal government is advancing the Digital Economy Law for Digital and Electronic Payments, submitted to the Chamber of Deputies on 8 September 2026 as part of the 2027 Economic Package. The bill would let SHCP designate sectors (starting with gas… [Full module →](https://payments.gi/jurisdictions/mexico/#w9-product-innovation-market-development)

### Morocco

MA Probable 6 sourced findings

Innovation is BAM-led and inclusion-focused. Maroc Pay is the national interoperable QR mobile-payment standard (operated on HPS Switch; BAM-mandated wallet interoperability via the GP2M economic-interest group) avoiding the closed-silo model. Virement… [Full module →](https://payments.gi/jurisdictions/morocco/#w9-product-innovation-market-development)

### Mozambique

MZ Confirmed 10 sourced findings

Mozambique's Instant Payment System, METIX, moved from regulatory approval to live operation this cycle. Established by Notice No. 1/GBM/2026 (25 February 2026), the 24/7/365 electronic retail rail was formally rolled out by the Governor in Matola around… [Full module →](https://payments.gi/jurisdictions/mozambique/#w9-product-innovation-market-development)

### Myanmar

MM Probable 8 sourced findings

Product innovation centres on the CBM's national interoperability push (MMQR/PayPlus, built on Mojaloop) and the nascent digital-kyat CBDC pilot under the newly formed Central Committee for CBDC Issuance. Historical blockchain-remittance pilots (Everex) and… [Full module →](https://payments.gi/jurisdictions/myanmar/#w9-product-innovation-market-development)

### Nepal

NP Probable 12 sourced findings

Nepal's domestic retail-payments infrastructure runs on NRB's RTGS system alongside private fast-payment operators (fonepay, Nepal Payment Solution's InstaFund) and NCHL clearing. A new NRB directive restricting cash transactions of NPR500,000+ to… [Full module →](https://payments.gi/jurisdictions/nepal/#w9-product-innovation-market-development)

### Netherlands

NL Confirmed 6 sourced findings

NL operates a twin-peaks MiCA model (AFM/CASPs, DNB/ART-EMT), compressed its transition to 30 June 2025, and AFM issued the EU's first CASP licences (MoonPay, BitStaete, ZBD, Hidden Road) on day one of enforcement.

### New Zealand

NZ Confirmed 9 sourced findings

NZ moved to regulated open banking on 1 December 2025 under the Customer and Product Data Act 2025, which designated the banking sector and incorporated Payments NZ API Centre standards (Account Information, Payment Initiation, API Security v2.3.3) by… [Full module →](https://payments.gi/jurisdictions/new-zealand/#w9-product-innovation-market-development)

### Nigeria

NG Confirmed 9 sourced findings

Nigeria's standout rails are NIBSS Instant Payments (NIP) — the dominant account-to-account real-time system, ~70% of NIBSS volume, the first IPS in Africa to reach 'Maturity' on AfricaNenda's inclusivity spectrum — alongside QR (NQR), USSD and mobile money… [Full module →](https://payments.gi/jurisdictions/nigeria/#w9-product-innovation-market-development)

### Norway

NO Confirmed 6 sourced findings

Straks 2.0 is Norway's domestic instant-payment rail, aligned with SEPA Instant Credit Transfer; Vipps is the dominant consumer app, now undergoing a Nordic-wide merger with MobilePay. The EU Instant Payments Regulation is not yet incorporated into Norwegian… [Full module →](https://payments.gi/jurisdictions/norway/#w9-product-innovation-market-development)

### Pakistan

PK Confirmed 12 sourced findings

SBP's April 2026 circular ends the 2018 blanket prohibition on bank-crypto dealing, creating Pakistan's first formal bank-to-VASP funding bridge, though banks remain barred from trading, holding or investing in crypto themselves and VASP accounts must be… [Full module →](https://payments.gi/jurisdictions/pakistan/#w9-product-innovation-market-development)

### Panama

PA Probable 12 sourced findings

Panama's payments innovation is led by bank-sponsored real-time mobile wallets built on the Telered/ACH Xpress rails, with Yappy the dominant platform and growing interoperability across banks; roughly 93% of the population is reported to use mobile banking… [Full module →](https://payments.gi/jurisdictions/panama/#w9-product-innovation-market-development)

### Peru

PE Confirmed 24 sourced findings

2025-2026 marks a transformative phase for Peruvian payments product development: new PSP framework, SBS Open Finance Roadmap (Feb 2026) targeting first data exchange by late 2027, BCRP TAPP infrastructure slated for December 2026, expanded regulatory… [Full module →](https://payments.gi/jurisdictions/peru/#w9-product-innovation-market-development)

### Philippines

PH Probable 10 sourced findings

Innovation is led by the NRPS build-out (InstaPay real-time up to PHP50,000; PESONet batch), the national QR Ph standard, the Digital Payments Transformation Roadmap, open-finance tiering, and the wholesale CBDC pilot. BSP operates a Test-and-Learn /… [Full module →](https://payments.gi/jurisdictions/philippines/#w9-product-innovation-market-development)

### Poland

PL Probable 5 sourced findings

Poland is a product-innovation leader: BLIK (2015, Polski Standard Płatności) dominates e-commerce, added contactless NFC and is internationalising (Revolut integration Nov 2024, EuroPA letter of intent May 2025). Open banking under PSD2 is built out via… [Full module →](https://payments.gi/jurisdictions/poland/#w9-product-innovation-market-development)

### Portugal

PT Confirmed 7 sourced findings

MB WAY is Portugal's leading domestic mobile-payment product, built on SIBS rails. Regulatory sandboxes (Portugal FinLab, the Technological Free Zones/ZLT regime, and CMVM's Market4Growth sandbox) support fintech testing, while open banking/TPP adoption… [Full module →](https://payments.gi/jurisdictions/portugal/#w9-product-innovation-market-development)

### Qatar

QA Probable 9 sourced findings

Innovation driven by QCB Fintech Strategy: QMP interoperable wallet switch, Fawran instant proxy-ID A2A, QA-RTGS (Dec 2024, ISO 20022), national prepaid card with Apple/Google/Samsung Pay; open-banking framework targeted 2026 (industry-reported, unconfirmed)… [Full module →](https://payments.gi/jurisdictions/qatar/#w9-product-innovation-market-development)

### Romania

RO Confirmed 7 sourced findings

Innovation centres on instant-payment products (RoPay on SENT, AliasPay proxy, SANB/Confirmation of Payee), open banking under PSD2, and a Digital RON CBDC pilot within the ECB programme. RoPay (launched 2023, developed by TRANSFOND with the Romanian Banking… [Full module →](https://payments.gi/jurisdictions/romania/#w9-product-innovation-market-development)

### Russia

RU Confirmed 9 sourced findings

Product development is centred on the digital ruble/universal-QR-code rollout, the mature Faster Payments System (SBP), and rapid growth in embedded/BNPL credit and marketplace-linked loyalty-payment products (e.g. Orange Pay). A Tatarstan regional pilot has… [Full module →](https://payments.gi/jurisdictions/russia/#w9-product-innovation-market-development)

### Rwanda

RW Confirmed 10 sourced findings

Active build-out: RNDPS 2.0 (Mojaloop-based) + eKash P2M (IFF2025); BNR sandbox (17 fintechs); Open Banking in consultation; GTBank full eKash interoperability (Apr 2026); Fintech Strategy 2024-2029.

### Saudi Arabia

SA Confirmed 11 sourced findings

KSA innovation is regulator-led under Vision 2030's FSDP. SAMA launched the Open Banking Framework (Open Banking Policy Dec 2020; framework launched Nov 2022), with the Open Banking Lab (2022/2023) for conformance testing; Account Information Services then… [Full module →](https://payments.gi/jurisdictions/saudi-arabia/#w9-product-innovation-market-development)

### Senegal

SN Probable 8 sourced findings

PI-SPI launched 30 Sept 2025; e-CFA CBDC pilot in parallel development (launch date unconfirmed); Financial Innovation Laboratory sandbox active.

### Serbia

RS Probable 12 sourced findings

NBS continues to operate and grow the IPS instant-payments rail as the country's primary payments-innovation vehicle; secondary reporting also describes an NBS pilot-phase blockchain-based digital-currency initiative not yet public-facing.

### Singapore

SG Confirmed 8 sourced findings

Singapore runs a deep instant-payments and tokenisation innovation agenda. Domestic rails FAST (2014) and PayNow (2017, an overlay on FAST using NRIC/phone/UEN proxies and SGQR) anchor a cashless ecosystem. MAS leads/participates in Project Nexus… [Full module →](https://payments.gi/jurisdictions/singapore/#w9-product-innovation-market-development)

### Slovakia

SK Confirmed 7 sourced findings

NBS runs a two-tier fintech engagement structure (Innovation Hub for one-off regulatory questions; Regulatory Sandbox, open since 1 January 2022, for supervised live testing) alongside PSD2-based open banking, and instant payments and mobile/QR-based schemes… [Full module →](https://payments.gi/jurisdictions/slovakia/#w9-product-innovation-market-development)

### Slovenia

SI Probable 7 sourced findings

Product innovation in Slovenia is EU-directive-led rather than domestically distinctive: the Flik mobile P2P instant-payment scheme, growing mobile/digital banking adoption, a Banka Slovenije fintech innovation contact point for regulatory clarification, and… [Full module →](https://payments.gi/jurisdictions/slovenia/#w9-product-innovation-market-development)

### South Africa

ZA Confirmed 12 sourced findings

Product development is led by the SARB Payments Ecosystem Modernisation (PEM) Programme (launched September 2025, succeeding Vision 2025), built around a public National Payment Utility, a new domestic and regional RTGS, an enhanced fast payment system… [Full module →](https://payments.gi/jurisdictions/south-africa/#w9-product-innovation-market-development)

### South Korea

KR Probable 6 sourced findings

Korea is a mature, mobile-first market with strong public-sector innovation infrastructure: an FSC regulatory sandbox under the Special Act on Financial Innovation Support, open banking and a unified national QR-code standard. The BOK has run a CBDC research… [Full module →](https://payments.gi/jurisdictions/south-korea/#w9-product-innovation-market-development)

### Spain

ES Probable 8 sourced findings

Law 7/2020 sandbox baseline; PSD3 application from 20 Nov 2026; FIDA extends open finance beyond payment accounts; Bizum Pay NFC as flagship product innovation.

### Sri Lanka

LK Probable 13 sourced findings

Product innovation is anchored around CBSL/LankaClear infrastructure: CEFTS, LANKAQR, GovPay (launched Feb 2025), a national card scheme co-branded with JCB, and an active FinTech Regulatory Sandbox; CBDC work has been paused since 2023.

### Sweden

SE Confirmed 11 sourced findings

Sweden hosts one of the world's longest-running CBDC research programmes (e-krona, since 2017) alongside RIX-INST-based instant payments, open-banking/Pay-by-Bank innovation (Tink), and Klarna's Tap to Pay and KlarnaUSD stablecoin launches. A 2023 government… [Full module →](https://payments.gi/jurisdictions/sweden/#w9-product-innovation-market-development)

### Switzerland

CH Confirmed 9 sourced findings

Innovation is led by SNB/SIX wholesale-CBDC and tokenisation work plus open banking. Project Helvetia (Phase III live since end-2023) provides wholesale CBDC on SIX Digital Exchange (SDX) for real-value settlement of tokenised bond transactions; the SNB… [Full module →](https://payments.gi/jurisdictions/switzerland/#w9-product-innovation-market-development)

### Taiwan

TW Probable 9 sourced findings

Taiwan's innovation agenda spans a completed wholesale-CBDC feasibility study and ongoing retail-CBDC planning (no launch timetable), an active fintech regulatory sandbox, a virtual-asset custody pilot for banks, virtual-asset ETF sub-delegation access, a… [Full module →](https://payments.gi/jurisdictions/taiwan/#w9-product-innovation-market-development)

### Tanzania

TZ Confirmed 7 sourced findings

TIPS (launched 2021, BoT-operated real-time multilateral switch); 46 admitted institutions 2024; ~$11.6bn processed 2024; full market-led MNO interoperability since 2014-2016; pipeline GePG integration, request-to-pay, direct-debit/ACH, ISO 20022… [Full module →](https://payments.gi/jurisdictions/tanzania/#w9-product-innovation-market-development)

### Thailand

TH Confirmed 9 sourced findings

Thailand is highly innovation-active: PromptPay underpins instant A2A and QR, with PromptBiz for businesses, an active BOT regulatory sandbox, programmable-payment/THB-stablecoin testing, National Digital ID (NDID) for KYC, and ongoing retail CBDC and mBridge… [Full module →](https://payments.gi/jurisdictions/thailand/#w9-product-innovation-market-development)

### Tunisia

TN Probable 9 sourced findings

Product innovation is centred on mobile-payment consolidation: the BCT-led TUNPAY unified visual identity/QR standard (2026), rapid mobile-wallet growth (+81% volume in 2025), the TuniChèque electronic-cheque digitisation platform, PAPSS regional-rail… [Full module →](https://payments.gi/jurisdictions/tunisia/#w9-product-innovation-market-development)

### Turkey

TR Confirmed 8 sourced findings

Open banking is being built out through BKM's GATE infrastructure under CBRT authority, with Payment Initiation and Account Information Services (the ÖHVPS/DSSP framework) defined under Article 12 of Law No. 6493; certification (HHS/YÖS) deadlines were… [Full module →](https://payments.gi/jurisdictions/turkey/#w9-product-innovation-market-development)

### Uganda

UG Probable 10 sourced findings

Product innovation is concentrated around three fronts: BoU's CBDC pilot and tokenisation drive, the NPSA regulatory sandbox (already used by at least one approved fintech), and a fresh Capital Markets Authority fintech sandbox launched in October 2025. BoU… [Full module →](https://payments.gi/jurisdictions/uganda/#w9-product-innovation-market-development)

### Ukraine

UA Confirmed 8 sourced findings

2025 marked a step-change in Ukrainian payments infrastructure: the open banking regime went fully operational on 1 August 2025, SEP was upgraded to ISO 20022 24/7 real-time operation in 2023, and the NBU continues to run an e-hryvnia CBDC pilot alongside a… [Full module →](https://payments.gi/jurisdictions/ukraine/#w9-product-innovation-market-development)

### United Arab Emirates

AE Confirmed 9 sourced findings

The UAE is in an intense build-out phase under the CBUAE Financial Infrastructure Transformation (FIT) programme and National Payment Systems Strategy (NPSS): the Aani instant-payment platform (Oct 2023, mobile-number/QR/request-to-pay), the Jaywan domestic… [Full module →](https://payments.gi/jurisdictions/united-arab-emirates/#w9-product-innovation-market-development)

### United Kingdom

UK Confirmed 4 sourced findings

Commercial variable recurring payments under the UK Payments Initiative scheme went live 2 June 2026 (later than the Q1 2026 PSR estimate), covering utility, financial-services, government and charity payments in Wave 1.

### United States

US Probable 9 sourced findings

The US operates a dual instant-payments landscape: The Clearing House's RTP (launched 2017) and the Federal Reserve's FedNow (launched July 2023). Both are 24/7/365 and irrevocable; FedNow settles in central-bank money while RTP settles between participating… [Full module →](https://payments.gi/jurisdictions/united-states/#w9-product-innovation-market-development)

### United States – Alabama

US-AL Probable 8 sourced findings

Alabama's product-innovation frontier spans real-time payments infrastructure adoption among community banks (FedNow), a new state-licensed stablecoin-issuance pathway (HB259), an active regulator-side Financial Innovation Division, and grassroots fintech… [Full module →](https://payments.gi/jurisdictions/united-states-alabama/#w9-product-innovation-market-development)

### United States – Alaska

US-AK Probable 7 sourced findings

Alaska's payments innovation is dominated by access-driven product development for rural/village markets — remote deposit capture, interactive teller machines (ITMs) airlifted into isolated communities, and federally-funded fiber build-out — rather than… [Full module →](https://payments.gi/jurisdictions/united-states-alaska/#w9-product-innovation-market-development)

### United States – Arizona

US-AZ Confirmed 9 sourced findings

Arizona operates the first-in-the-nation FinTech Regulatory Sandbox (2018), AG-administered, which has been iteratively expanded (HB2177/2019) to widen eligible participants and payment test scope. Product innovation activity also includes… [Full module →](https://payments.gi/jurisdictions/united-states-arizona/#w9-product-innovation-market-development)

### United States – Arkansas

US-AR Probable 5 sourced findings

Product innovation in Arkansas payments is led by the Little Rock fintech-accelerator ecosystem (The Venture Center, Arkansas Banking Solutions Accelerator) and early community-bank adoption of FedNow instant payments. State legislative activity has focused… [Full module →](https://payments.gi/jurisdictions/united-states-arkansas/#w9-product-innovation-market-development)

### United States – California

US-CA Confirmed 7 sourced findings

California sits at the front of US payments product innovation: FedNow and RTP instant rails are live and scaling (both ISO 20022), the DFAL crypto licensing regime (live applications, 1 July 2026 deadline) is driving stablecoin and digital-asset product… [Full module →](https://payments.gi/jurisdictions/united-states-california/#w9-product-innovation-market-development)

### United States – Colorado

US-CO Probable 7 sourced findings

Colorado's product-innovation posture centers on its 2019 crypto-friendly Digital Token Act, a state IT mandate to evaluate blockchain/DLT for government projects, growing FedNow instant-payments adoption among Colorado banks, and a pending (not yet enacted)… [Full module →](https://payments.gi/jurisdictions/united-states-colorado/#w9-product-innovation-market-development)

### United States – Connecticut

US-CT Confirmed 4 sourced findings

Connecticut's flagship payments-innovation vehicle is the Innovation Bank Charter (renamed 2024 from the dormant 'uninsured bank charter'), which has drawn cross-border clearing/settlement fintechs (Banking Circle US, Numisma Bank) seeking direct Fed and… [Full module →](https://payments.gi/jurisdictions/united-states-connecticut/#w9-product-innovation-market-development)

### United States – Delaware

US-DE Probable 11 sourced findings

Delaware's principal product-innovation thrust is its 2026 digital-asset/stablecoin legislative package (SB16/SB19), explicitly designed to position the state as a national on-ramp for stablecoin issuance and bank-custodied digital assets under the GENIUS Act… [Full module →](https://payments.gi/jurisdictions/united-states-delaware/#w9-product-innovation-market-development)

### United States – District of Columbia

US-DC Probable 10 sourced findings

DISB's Office of Innovation and the DC BizCAP program actively position DC as a regulated fintech/regtech hub, hosting the annual DC Fintech Summit; the pending federal Reserve 'Payment Account' initiative (triggered by a May 2026 Executive Order) is a major… [Full module →](https://payments.gi/jurisdictions/united-states-district-of-columbia/#w9-product-innovation-market-development)

### United States – Florida

US-FL Probable 5 sourced findings

Florida combines sustained state-level fintech-innovation institutions (Blockchain Task Force, OFR Office of Fintech Policy) with 2026 product-enabling legislation for stablecoin issuance and government use, and an active private-sector product pipeline in… [Full module →](https://payments.gi/jurisdictions/united-states-florida/#w9-product-innovation-market-development)

### United States – Georgia

US-GA Probable 6 sourced findings

Georgia's product-innovation layer is driven by its private-sector fintech density (Transaction Alley) and academic/accelerator infrastructure (Georgia FinTech Academy, ATDC) rather than a state-run regulatory sandbox; adoption of the Federal Reserve's FedNow… [Full module →](https://payments.gi/jurisdictions/united-states-georgia/#w9-product-innovation-market-development)

### United States – Hawaii

US-HI Probable 7 sourced findings

Hawaii's principal innovation vehicle was the DCIL fintech/digital-currency sandbox (2020-2024), since concluded, alongside HTDC's HI-CAP capital-access program for startups. Product innovation in payments is otherwise delivered through bank/credit-union… [Full module →](https://payments.gi/jurisdictions/united-states-hawaii/#w9-product-innovation-market-development)

### United States – Idaho

US-ID Probable 6 sourced findings

Product innovation in Idaho payments concentrates in credit-union/fintech vendor partnerships and the pending stablecoin/digital-asset legislative track; no state sandbox or open-banking mandate exists.

### United States – Illinois

US-IL Probable 7 sourced findings

Illinois enacted a first-in-the-nation Digital Asset Tax Act (part of the FY2027 Revenue Omnibus, SB3019/P.A. 104-0468), imposing a 0.2% privilege tax on the value of digital-asset business activity collected by digital-asset brokers on behalf of Illinois… [Full module →](https://payments.gi/jurisdictions/united-states-illinois/#w9-product-innovation-market-development)

### United States – Indiana

US-IN Probable 11 sourced findings

Licensed EWA product category created effective 2026-01-01; instant-payments product access extended via fintech partnerships.

### United States – Iowa

US-IA Probable 6 sourced findings

Iowa's payments product innovation centers on instant-payments rollout (FedNow and RTP adoption via Dwolla and SHAZAM-linked community banks), an emerging state-sanctioned digital-asset kiosk framework (SF 449), and early credit-union stablecoin/digital-asset… [Full module →](https://payments.gi/jurisdictions/united-states-iowa/#w9-product-innovation-market-development)

### United States – Kansas

US-KS Probable 8 sourced findings

Kansas product innovation spans early community-bank FedNow instant-payments adoption, a formalized 2024 Earned Wage Access product category, a 2026 crypto-kiosk consumer-protection layer, a Kansas-originated global working-capital fintech (C2FO), and a major… [Full module →](https://payments.gi/jurisdictions/united-states-kansas/#w9-product-innovation-market-development)

### United States – Kentucky

US-KY Probable 7 sourced findings

Kentucky's product-innovation posture centers on its 2025 blockchain/digital-asset legal framework, gradual FedNow instant-payments adoption, and the state's KY Innovation economic-development program. No Kentucky-specific payments regulatory sandbox or CBDC… [Full module →](https://payments.gi/jurisdictions/united-states-kentucky/#w9-product-innovation-market-development)

### United States – Louisiana

US-LA Probable 5 sourced findings

Product innovation in Louisiana payments is led by community-bank instant-payments adoption via the Federal Reserve's FedNow Service and B2B invoice-payments network technology developed in-state (Baton/TreviPay); Louisiana does not run its own sandbox… [Full module →](https://payments.gi/jurisdictions/united-states-louisiana/#w9-product-innovation-market-development)

### United States – Maine

US-ME Confirmed 7 sourced findings

Instant-payments adoption (FedNow) is the leading product-innovation vector in Maine; the 2025 kiosk law is a fast-turnaround regulatory response to a new product category.

### United States – Maryland

US-MD Probable 8 sourced findings

Maryland's product-innovation posture is built on the MCIV Fund's fintech-bank pilot pairing model, a new Blockchain and Cryptocurrency Task Force, UCC Article 12 modernisation for controllable electronic records, and an emergent state Bitcoin Reserve Fund… [Full module →](https://payments.gi/jurisdictions/united-states-maryland/#w9-product-innovation-market-development)

### United States – Massachusetts

US-MA Probable 4 sourced findings

Product innovation in Massachusetts payments is led by Federal Reserve Bank of Boston stewardship of FedNow instant payments (launched 2023, the Fed's first new payment rail in ~50 years), community/credit-union exploration of stablecoin-based cross-border… [Full module →](https://payments.gi/jurisdictions/united-states-massachusetts/#w9-product-innovation-market-development)

### United States – Michigan

US-MI Probable 6 sourced findings

Michigan's product-innovation layer is anchored in Detroit's growing embedded-fintech and credit-union-fintech ecosystem (Autobooks, InvestNext, Bankjoy, MSUFCU FedNow/Zirtue), supported by public seed-stage capital via the City of Detroit's Startup Fund.

### United States – Minnesota

US-MN Confirmed 10 sourced findings

Product development in Minnesota's payments space centers on national instant-payments rail growth (FedNow/RTP) accessible to Ninth District institutions, a homegrown BNPL/embedded-finance scene (Sezzle, Onsetto), and virtual currency kiosks as a distribution… [Full module →](https://payments.gi/jurisdictions/united-states-minnesota/#w9-product-innovation-market-development)

### United States – Mississippi

US-MS Probable 7 sourced findings

Innovation activity in Mississippi centers on state-backed venture/seed capital (InvestMS/SSBCI) rather than large homegrown payments products, alongside early community-bank FedNow adoption and a newly enacted virtual-currency-kiosk licensing regime.

### United States – Missouri

US-MO Probable 6 sourced findings

Missouri's regulated retail and online sports-wagering market launched December 1, 2025 under Amendment 2. MGC licensed 16 retail/online operators; first-month volume reached $543 million (>99% online), with a 10% wagering tax on adjusted gross revenue net of… [Full module →](https://payments.gi/jurisdictions/united-states-missouri/#w9-product-innovation-market-development)

### United States – Montana

US-MT Probable 7 sourced findings

Montana's product-innovation frontier centers on SB265's network-token framework and the Blockchain and Digital Innovation Task Force, layered on FedNow adoption.

### United States – Nebraska

US-NE Confirmed 6 sourced findings

Nebraska's flagship product-innovation story is Telcoin Digital Asset Bank's eUSD — the first bank-issued onchain US dollar stablecoin with direct Federal Reserve payment-rail access — layered on broad community-bank FedNow instant-payments adoption and a… [Full module →](https://payments.gi/jurisdictions/united-states-nebraska/#w9-product-innovation-market-development)

### United States – Nevada

US-NV Probable 9 sourced findings

Nevada operates the REPPI statutory fintech sandbox and has progressively liberalized cashless/mobile gaming-payment technology since 2020.

### United States – New Hampshire

US-NH Probable 9 sourced findings

Product innovation in NH is led by Bottomline's 2025-2026 product releases, community-bank FedNow rollout, and NH's crypto-friendly legislative programme (state Bitcoin allocation; HB639 status contested/unconfirmed).

### United States – New Jersey

US-NJ Confirmed 7 sourced findings

New Jersey is building a state-sponsored fintech/AI innovation ecosystem via NJEDA's Strategic Innovation Center network, anchored by NJ FAST, NJ AI Hub, Evergreen Fund, and NJ BASE.

### United States – New Mexico

US-NM Uncertain 2 sourced findings

No NM state fintech sandbox/innovation office; firms rely on federal CFPB/OCC innovation channels.

### United States – New York

US-NY Confirmed 6 sourced findings

NY's product-innovation surface is digital-asset-led and supervised rather than sandbox-led. NYDFS's VOLT initiative added 60+ experts and new policies, and the Department has issued eight pieces of VC regulatory guidance covering coin-listing/Greenlist… [Full module →](https://payments.gi/jurisdictions/united-states-new-york/#w9-product-innovation-market-development)

### United States – North Carolina

US-NC Probable 7 sourced findings

NC enacted SL 2026-41 recognizing CFTC exclusive federal authority over prediction-market event contracts, taxing such platforms at 6% of NC-attributable net trading-fee revenue effective Jan 1 2027, without imposing any state licensing/registration… [Full module →](https://payments.gi/jurisdictions/united-states-north-carolina/#w9-product-innovation-market-development)

### United States – North Dakota

US-ND Probable 6 sourced findings

ND's flagship product-innovation story is the Roughrider Coin, a state-owned-bank-affiliated stablecoin built with Fiserv, positioned as a bank-to-bank instant-settlement product with potential future merchant use. This sits alongside FedNow adoption, a new… [Full module →](https://payments.gi/jurisdictions/united-states-north-dakota/#w9-product-innovation-market-development)

### United States – Ohio

US-OH Probable 5 sourced findings

Ohio product innovation activity centres on state-government crypto-payment acceptance (Bitcoin for taxes/fees via a state-selected processor), pending Blockchain Basics/Bitcoin Reserve legislation, and participation of Ohio-based/chartered institutions in… [Full module →](https://payments.gi/jurisdictions/united-states-ohio/#w9-product-innovation-market-development)

### United States – Oklahoma

US-OK Probable 7 sourced findings

Product innovation in Oklahoma payments centers on the rise-and-retreat of bank-led crypto custody services (Vast Bank), the 2024 statewide conversion to fully cashless electronic tolling, and state-backed venture-capital programs supporting Oklahoma-based… [Full module →](https://payments.gi/jurisdictions/united-states-oklahoma/#w9-product-innovation-market-development)

### United States – Oregon

US-OR Probable 4 sourced findings

Product innovation touching Oregon centers on FedNow instant-payments adoption by Oregon-headquartered digital-banking vendor Tyfone and early-adopting Oregon credit unions/community banks, alongside a modest B2B/embedded-finance vendor cluster (Nvoicepay… [Full module →](https://payments.gi/jurisdictions/united-states-oregon/#w9-product-innovation-market-development)

### United States – Pennsylvania

US-PA Probable 6 sourced findings

Product innovation touching Pennsylvania is led by instant-payments rollout (PNC's FedNow launch atop its founding RTP membership) and a modest but active Philadelphia/Pittsburgh fintech startup base, set against the federal open-banking (CFPB 1033)… [Full module →](https://payments.gi/jurisdictions/united-states-pennsylvania/#w9-product-innovation-market-development)

### United States – Rhode Island

US-RI Probable 4 sourced findings

Rhode Island's product-innovation activity centers on responsive consumer-protection regulation of crypto kiosks (2025-26 legislative cycle) rather than a dedicated state fintech sandbox or open-banking initiative -- no RI-government-run regulatory sandbox… [Full module →](https://payments.gi/jurisdictions/united-states-rhode-island/#w9-product-innovation-market-development)

### United States – South Carolina

US-SC Probable 7 sourced findings

SC community banks are adopting FedNow instant-payments infrastructure, mirroring the nationwide community-bank-heavy trend. Separately, S.163 is framed as a competitiveness play to attract crypto-friendly capital and businesses.

### United States – South Dakota

US-SD Probable 7 sourced findings

South Dakota's product-innovation frontier in 2025-2026 centers on digital-asset policy: a twice-introduced (2025, 2026) state Bitcoin public-investment bill that has not passed, a licensed crypto-kiosk sector now facing tighter fraud-incentive regulation… [Full module →](https://payments.gi/jurisdictions/united-states-south-dakota/#w9-product-innovation-market-development)

### United States – Tennessee

US-TN Probable 9 sourced findings

Tennessee's payments innovation activity centers on private-sector FedNow instant-payments rollout among community banks/credit unions, Nashville's banktech-focused Project FinTech accelerator, and a new UCC framework for controllable electronic records… [Full module →](https://payments.gi/jurisdictions/united-states-tennessee/#w9-product-innovation-market-development)

### United States – Texas

US-TX Probable 10 sourced findings

Under the GENIUS Act, stablecoin issuers under USD10bn in outstanding issuance may remain under state supervision if the state regime is certified 'substantially similar' to the federal framework; Texas's qualification depends on federal certification of its… [Full module →](https://payments.gi/jurisdictions/united-states-texas/#w9-product-innovation-market-development)

### United States – Utah

US-UT Probable 6 sourced findings

Utah was the third US state to launch a fintech regulatory sandbox (2019) and has since layered on blockchain-innovation protections (2025) and a new earned-wage-access product category (2025), reinforcing a deliberately innovation-friendly… [Full module →](https://payments.gi/jurisdictions/united-states-utah/#w9-product-innovation-market-development)

### United States – Vermont

US-VT Probable 6 sourced findings

Act 142 creates a new commercial-financing licensing and disclosure regime (sales-based financing and factoring) effective July 1, 2027, requiring a lender licence for funders and a loan-solicitation licence for brokers, with exemptions for depository… [Full module →](https://payments.gi/jurisdictions/united-states-vermont/#w9-product-innovation-market-development)

### United States – Virginia

US-VA Probable 6 sourced findings

Virginia's new Chapter 19.1 money-transmission regime interacts with the pending federal GENIUS Act stablecoin framework: Virginia excludes virtual currency from its 'money' definition while federal payment-stablecoin issuer standards remain in NPRM stage… [Full module →](https://payments.gi/jurisdictions/united-states-virginia/#w9-product-innovation-market-development)

### United States – Washington

US-WA Probable 7 sourced findings

Seattle-based Remitly is the state's flagship payments product innovator, having launched a subscription membership (Remitly One), a bank-partnered debit/wallet product, and a forthcoming consumer line of credit in 2025-2026; the University of Washington's… [Full module →](https://payments.gi/jurisdictions/united-states-washington/#w9-product-innovation-market-development)

### United States – West Virginia

US-WV Probable 6 sourced findings

WV's most active 2025-2026 product-innovation vector is state-level digital-asset policy (pending treasury Bitcoin/stablecoin investment authority and vendor stablecoin-payment authority) layered onto a rapidly accelerating adjacent… [Full module →](https://payments.gi/jurisdictions/united-states-west-virginia/#w9-product-innovation-market-development)

### United States – Wisconsin

US-WI Probable 7 sourced findings

Product innovation centres on FedNow-enabled instant payments adoption and Fiserv's embedded-finance/agentic-commerce roadmap.

### United States – Wyoming

US-WY Confirmed 7 sourced findings

Wyoming's public-entity Frontier Stable Token (FRNT) is deployed as a unified token contract across seven public blockchains (Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon, Solana) with LayerZero/Stargate bridging.

### Uruguay

UY Probable 8 sourced findings

Uruguay ran an early, technically successful e-Peso CBDC pilot (2017-2018) that remains dormant at legislative level but is referenced in current BCU strategy; the live innovation agenda now centres on an Open Finance anteproyecto de ley (June 2026), a… [Full module →](https://payments.gi/jurisdictions/uruguay/#w9-product-innovation-market-development)

### Venezuela

VE Probable 9 sourced findings

USDT (predominantly Tron) remains the de facto dollar-settlement rail via Binance P2P; on 15 April 2026 Binance added Banco de Venezuela, Banco del Tesoro, and Banco Digital de los Trabajadores as payment methods, immediately after OFAC's BCV sanctions… [Full module →](https://payments.gi/jurisdictions/venezuela/#w9-product-innovation-market-development)

### Vietnam

VN Probable 7 sourced findings

Innovation is anchored by Decree 94/2025/ND-CP (effective 1 July 2025), Vietnam's first banking-sector regulatory sandbox, covering three fintech solutions — credit scoring, Open API data sharing and P2P lending — under SBV supervision for up to two years… [Full module →](https://payments.gi/jurisdictions/vietnam/#w9-product-innovation-market-development)

### Zambia

ZM Probable 10 sourced findings

Innovation architecture rests on BoZ Regulatory Sandbox (2021) and SEC sandbox, NFIS interoperability push, BoZ CBDC plan, and product launches from MTN, Airtel Money, Union54 and Lupiya.

No jurisdiction matches those filters.