Globally, people pay an average fee of 6.9 percent to send money to family and others abroad. In one of Asia’s largest remittance corridors, between Malaysia and the Philippines, the average fee is only 3.7 percent. Smart policies have played an important role in bringing prices down.
China will soon require payments providers, including Alipay and WeChat Pay, to connect to a public online payments clearinghouse. Here’s what we know so far about how this institution will work and what it could mean for mobile payments.
Smartphone penetration of 80 percent and low bank account access suggest that digital financial services will take off in Myanmar. China’s experience may offer clues about how and when this will happen.
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?
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.
Myanmar has experienced remarkable growth in smartphone penetration compared to other frontier markets. A partnership between Wave Money, CGAP and Small Surfaces is leveraging human-centered design to build a digital finance app, seeking to capitalize on this opportunity to reach the unbanked.
The recent visit to Indonesia by the UN Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA)–H.M. Queen Máxima of the Netherlands–provided a unique opportunity to better understand key accomplishments, challenges and opportunities for financial inclusion in the country.
Pioneer, a Philippines-based company, participated in a May 2016 learning visit to South Africa and Zambia to learn from other CGAP partners working on customer centricity: Zoona, PEP, and Hollard. What did they learn?