The G20 s focus on financial inclusion directly contributes to its core goal of achieving strong, sustainable, and balanced growth. Studies show that broader access to and participation in the financial system can reduce income inequality, boost job creation, accelerate consumption, increase investments in human capital, and directly help poor people manage risk and absorb financial shocks.
“innovations in the payment sector have led to the emergence of electronic payment service providers able to facilitate formal payments even in the absence of accounts, such as over-the-counter (OTC) payments, mobile money payments, and payment cards.”
“In the first section, we review the benefits of digital payments for governments, recipients, and providers. Not only do digital remittances lower costs for the senders and recipients of payments, but they also increase access to the banking system, the privacy and transparency that they afford, and security throughout the system.”
“Klapper, Leora; Singer, Dorothe. 2014. The Opportunities of Digitizing Payments. World Bank, Washington, DC. © World Bank. https://openknowledge.worldbank.org/handle/10986/19917 License: CC BY 3.0 IGO.”