Did you know how your digital banking usage is playing its role in financial inclusion? This 4 minutes read will let you know how financial inclusion is improving with your digital banking usage. Digital banking platforms are filling the gap as they provide access to financial services to millions of unbanked populations. Digital banking is revolutionizing how we access and manage our finances, positively impacting financial inclusion. It is helping to promote financial literacy, stability, and growth, while also providing a powerful tool for economic development and social empowerment.
With digital financial services, banks and non-banks can reach millions of new customers among previously excluded and underserved populations. Digital financial channels are growing, including mobile phones, smartphone apps, and digital assets, with some projects already scaling significantly.
This digital move benefits millions of poorer customers now moving from cash-based economies to formalized financial services, such as payments, transfers, and savings. This trend will increase as more technologies and innovations roll out over the coming years.
Look at The Highlights – Global Unbanked
Accordingto the world bank, around 31 percent adult population is unbanked. These are1.7 billion people who lack access to a bank account via a mobile money serviceor financial institution.
Smart payment platforms and services seek to serve the unbanked and underbanked populations by delivering secure and easy access to financial services. This is made possible by combining technologies, including virtual payment cards, mobile phone payments, and digital assets, to make payment services, banking platforms, and secure transactions more accessible. As a result, these services reach a wider audience, foster financial inclusivity, and create seamless banking services.
Banked and Unbanked – Digital Transformation
Smartphone banking apps are essential components of digital banking services. These apps help users make payments and view and manage their finances.
The benefits of gaining digital financial inclusion for the unbanked include access to financial services, cheaper transactions, personalized financial services, and greater security, especially from loss and theft. Financial inclusion can also enable people to begin saving and planning for their long-term financial well-being, increasing their economic participation and economically empowering them.
QisstPay have already incorporated digital assets into its existing services with more planning to add them to promote financial inclusivity through the benefits they provide. For example, people who don’t have access to traditional financial services can readily create a digital asset wallet and begin transferring funds, typically at lower fees than at a brick-and-mortar institution. Digital banking services help economic growth and minimize unemployment by creating the means to seamlessly and securely pay people for work and services.