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Digital payments and expanding financial access to the unbanked
Of the two billion adults (not to mention millions of small businesses) who remain unbanked globally, two-thirds of them own a mobile phone, according to the World Bank.1 That’s good news for payments providers with broad goals to advance financial inclusion around the globe. Financial inclusion—having access to savings accounts, money transfers, loans and related services—is key to boosting economies by empowering individuals to improve their financial well-being. Payment providers will also consider the lure of a $380 billion annual revenue2 opportunity for banks and other providers that find ways to meaningfully support the needs of the un/under banked, based on our analysis. Digital payment services—mobile apps, mobile wallets, virtual cards and others yet to come—are turning out to be gateways to more financial inclusion, especially in less developed areas around the world. They are convenient, fast, simple and low risk in enabling new forms of financial access and new value propositions at greater efficiencies.
CASEY MEROLLA & STEPHEN KIENE
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