Governments should initiate steps to enhance the use of digital payments in emerging countries to increase financial inclusion, empower women and spur economic growth, according to a World Bank research report.
Go deeper with GlobalData
The report, funded by the Better than Cash Alliance and the Bill & Melinda Gates Foundation, examines growing evidence from around the world about how digital payments offer immediate benefits for both senders and receivers in developing economies, as well as the ability of such payments to increase citizen access to affordable financial tools.
The report also highlights how digital payments help increase the financial independence of women by moving them from the limitations of a cash-only economy and connecting them with the financial mainstream.
The report concludes that the establishment of digital payments for remittances instead of cash is of enormous benefit to poor people in emerging markets and also contributes to financial development. This could also help address concerns about the transparency and traceability of remittances.
Leora Klapper, lead economist at the World Bank Development Research Group, said: "The benefits of digital payments go well beyond the convenience many people in developed economies associate with the technology.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData"Digital financial services lower the cost and increase the security of sending, paying and receiving money. The resulting increase in financial inclusion is also vital to women’s empowerment."
