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The Opportunities of Digitizing Payments
Report

The Opportunities of Digitizing Payments

How Digitization of Payments, Transfers, and Remittances Contributes to the G20 Goals of Broad-Based Economic Growth, Financial Inclusion, and Women’s Economic Empowerment

Leora Klapper and Dorothe Singer
World Bank, 2014
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Editorial Rating

8

Qualities

  • Innovative

Recommendation

In the digital age, a cashless society seems on the horizon for many developed markets. But in developing countries, cash remains king. People in these nations must rely on inefficient postal systems, crooked local officials and expensive methods of transfer to get their wages or other disbursements. This study from World Bank researchers Leora Klapper and Dorothe Singer provides an enlightening look at how moving from cash to electronic payments can help disadvantaged populations in low-income countries. getAbstract recommends this timely report to anyone interested in reaching new consumers in emerging markets.

Take-Aways

  • Most inhabitants of developing countries receive their wages, government payments and overseas remittances in cash.
  • Digital payment systems would benefit these individuals by lowering the cost of moving money, decreasing the risk and crime inherent in the handling of cash, and granting greater financial privacy.
  • Digital payments empower women by allowing them to shield their earnings or government benefits from demanding family members. People working far from home find it easier and more secure to send funds electronically to loved ones.

About the Authors

Leora Klapper and Dorothe Singer work in the development research group at the World Bank.

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