Financial inclusion is a critical issue that affects millions of people around the world.
As of April 2023, in the UK alone, there are an estimated 1.2 million people who are unbanked - meaning they don't have access to basic financial services like a bank account, credit, or insurance. This lack of access can make it difficult for people to save money, make payments, and access credit when they need it.
Fortunately, payment innovation is helping to drive financial inclusion by making it easier and more affordable for people to access financial services. Payment innovation is one of the key drivers for successful fintech companies to develop and grow their systems alongside emerging technology with the aim of enhancing customer experience to be more efficient. At allpay Limited, we believe that payment innovation can play a key role in breaking down barriers and increasing financial inclusion for all.
Whilst not all available through allpay, here are some of the ways that payment innovation is helping to drive financial inclusion:
Digital Payments: With the rise of digital payments, more people than ever before are able to access financial services. Digital payments make it easy for people to make transactions, pay bills, and even access credit - all without the need for a traditional bank account.
Mobile Money: Mobile money has revolutionised the way people in developing countries access financial services. With mobile money, people can send and receive money, pay bills, and even access credit using just their mobile phone. Also known as digital wallets.
Contactless Payments: Contactless payments are another key innovation that is driving financial inclusion. By making it easy and convenient to pay for small transactions, contactless payments are helping to break down barriers and make financial services more accessible to everyone.
Financial Education: In addition to innovative payment solutions, education is also a critical component of driving financial inclusion. By providing people with the knowledge and skills they need to manage their finances effectively, we can help to ensure that everyone has access to the financial services they need.
At allpay Limited, we are committed to driving financial inclusion for both businesses and individuals through being able to offer innovative ways to collect and disburse payments, some of which are listed above. By leveraging the latest technologies and working closely with our partners and customers, we believe that we can help to create a more inclusive and equitable financial system for all.
Interested in learning more about our services? Contact a member of our team today: https://www.allpay.net/contact/