Even when the developing world alone is considered, the impact and contribution of digital payments has been staggering.
For one thing, digital payments are instant, and more secure. But additionally, as the World Bank has noted, greater ownership and use of mobile money accounts has reduced the cost of financial transactions and led to greater proximity of financial intermediaries. The need for the consumer to travel long distances — whether to bank branch, money transfer operator (MTO), counter, or government office, which may only be available in a regional capital — in order to receive a remittance or government transfer or make a bill payment, has been eliminated.
This white paper look at the wider implications of digital payments in advance of a full report on the subject to be released in late 2015.
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