Report: Digital payments bolster economy, promote financial well-being
Wednesday, September 3, 2014
A new report by the World Bank Development Research Group found that incorporating digital payment systems into the economies of emerging and developing countries helps to spur economic growth and individual financial well-being.
The report examines evidence that digital payments provide instantaneous rewards to senders and receivers and enable them to have greater access to financial tools. It also shows how digital payments help women become financially independent by allowing them to move beyond the confines of a cash-only economy.
“The benefits of digital payments go well beyond the convenience many people in developed economies associate with the technology,” Leora Klapper, the lead economist at the World Bank Development Research Group, said. “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.”