13 March 2018
Financial Inclusion Accelerated
Financial Inclusion Accelerated is a new report from Vocalink, a Mastercard company and Kapronasia. Based on primary and secondary research, the report explores the great strides being made in real-time payments and its power to support and drive financial inclusion at a global level.
Real-time payments make economies more efficient; they support innovation and accelerate growth. The immediate gains from real-time payments in terms of speed, reliability and transparency are immense – literally game-changing. Real-time payments also serve to stimulate innovation in product and services that utilise their speed, data and messaging capabilities.
Importantly, the introduction of real-time payments into countries with large communities of underbanked is revolutionising how people, businesses, governments and banks transact.
For example, the payments landscape in Thailand has been transformed in a matter of months with more than 36 million Thai citizens and 23 banks signed up to PromptPay. A much-needed boost has been delivered for those without bank accounts; the geographically isolated, small business owners, or cultural groups traditionally overlooked when it comes to money such as women.
This is just the beginning. Real-time payments and the services they support will continue to play a vital role in helping those people, groups, and businesses previously excluded from the financial system to participate in the economy and move to a world beyond cash through new applications and services that can be layered on top of the real-time payments infrastructure.
This report, Financial Inclusion Accelerated, examines how real-time payments are being used now to provide a more seamless banking experience for the financially excluded. It explores how essential elements such as trust, transparency and safety are an integral part of real-time payments that can help to promote confidence for the financially excluded - previously only available through physical cash.
Through case studies drawn from China, India and Thailand, we look at how real-time payments are helping the financially excluded and how we can leverage lessons to identify key success factors for real-time payments systems globally. The report also identifies some of the challenges that remain and especially how the traditional financial industry can achieve their commercial objectives while promoting and accelerating financial inclusion for millions.