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Financial inclusion

Bringing individuals into the economic fold

In many emerging markets, a large part of the population lives below the poverty line and often survive hand to mouth.

In countries without mature payment infrastructure, there is often little transparency, especially when intermediaries and agents are involved. As an example, government payments in India would historically go from the State Governments to regional governments, then to towns, and finally to individuals. In many cases, each of the agents would take their cut of the transaction, leaving the recipient with much less than they would have expected. 

The 2012 World Bank Development Report estimated that by digitising subsidy flows, the Indian government could save 1% of its gross domestic product annually, an amount equivalent to about $20 billion.

Financial inclusion accelerated

Real-time payments are being used globally to provide a more seamless banking experience for the financially excluded, offering a level of trust that was previously only available through physical cash.