Retail payment systems in Jordan are well integrated, enabling customers to make transactions  between banks and PSPs through JoMoPay and CliQ. The cross-border remittance market is populated  by many service providers. Despite generally accessible and appropriate product offerings and an  enabling environment with high smart phone penetration and a young population, there are barriers  preventing customers from extensively using digital payments, including limited financial literacy, high  transaction fees, cash-oriented business models, and the persistence of a "cash culture."  The mission explored three policy objectives that a potential rCBDC may help achieve, namely,  financial inclusion, domestic payment improvement, and cross-border payment improvement. The  potential benefits of rCBDC for these objectives are as follows: 

• rCBDC could enhance financial inclusion, by instilling more trust among the population and by servicing residents without smartphones.

• rCBDC could improve domestic payments through enhanced interoperability across digital payment platforms by allowing banks and PSPs to use the rCBDC’ s public infrastructure.

• rCBDC could reduce cross-border remittance costs by lowering transaction costs, by allowing foreign PSPs to have access, and/or if rCBDCs were used reciprocally with counterparts in remittance corridors.

The mission also identified associated policy tradeoffs and potential risks in issuing rCBDC: 

• Domestically, improper design could lead to financial disintermediation. In stress periods, rCBDC could potentially aggravate liquidity risks.

• A cross-border rCBDC could potentially increase exchange rate volatility due to larger and more volatile capital flows and present a heightened risk for use in illicit activity.

• rCBDC could amplify cybersecurity risk by being an attractive target for cyber-attacks.