Articles by Megan Oxman
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Tuesday
March 12
2013In a cash-only economy, innovation should empower world’s poorest with financial services: The E-Pay Innovation Award carries a $10,000 prize for the most pioneering startup
Imagine a global economy based entirely on cash. You receive your weekly pay in cash; you pay your rent in cash; you pay your monthly electric and water bills in cash; you apply for a loan and receive the money in cash; and you save cash under the mattress in case of an emergency. It seems almost unimaginable in the United States and Europe, but the fact is, of the 2.6 billion people who live on less than $2 per day, nearly 80 percent do not have access to a bank account.
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