China's pilot of 500,000 banking agents show significant promise for financial inclusion. Allowing these agents to offer a greater variety of services, such as taking deposits and opening new accounts, could lead to faster growth and more usage.
Digital technologies are changing the financial inclusion landscape worldwide by revolutionizing access to finance, connecting hundreds of millions to formal financial services for the first time. Financial market regulators, supervisors and overseers are racing to keep pace with these developments.
QR codes last year facilitated $2.5 trillion in retail payments in China, and their use is gaining momentum in countries like India. But how do they work? And what is their potential to increase financial inclusion?