Cashless payment hopes pinned on developing nations
Wednesday, November 19, 2014
Business and civil interests representing the mobile payments markets are developing global principles, standards and codes of conduct for digital finance, as cashless payments move to the fore in the developing world, following a meeting this summer in Perth, Australia.
The fifth annual Responsible Finance Forum Better – backed by the United Nations Capital Development Fund (UNCDF) and the World Bank Group – convened over 100 industry, government and private sector leaders to discuss how to deliver digital financial services fairly and safely.
Focusing exclusively on the use of technology to provide financial services and products for the poor and in the developing world, the Forum concluded that global principles, standards and codes of conduct for responsible digital finance are needed.
The quest for global standards testifies to the growing take up of digital payments systems across the developing world.
Over 2.5 billion adults worldwide lack access to formal financial services and digital finance is widely recognised for its potential to expand financial inclusion and improve the livelihoods of the poor.