How can mobile payments increase financial inclusion?
Mobile payments are transactions that use a smartphone, tablet, or other mobile device as a means of payment, instead of cash, cards, or checks. They can be done through various platforms, such as mobile wallets, QR codes, mobile banking apps, or NFC (near-field communication) technology. Mobile payments have the potential to increase financial inclusion, which is the access and use of formal financial services by individuals and businesses, especially those who are underserved, unbanked, or low-income. In this article, you will learn how mobile payments can improve financial inclusion in four ways: by reducing costs, increasing convenience, enhancing security, and fostering innovation.