This article was first published on: Insights – Ripple --
Many of the world’s poor in developing countries — nearly 2 billion, according to the World Bank — struggle to lift themselves out of poverty simply because they don’t have a bank account or financial services.
This is a missed opportunity for the financial services industry that has traditionally focused on the rich and middle class. In fact, developing markets represent the next frontier for economic growth.
Mobile wallets can be an effective, alternative solution for unbanked people, but it’s costly and complicated for banks to develop digital financial services for new markets, as well as make them interoperable so that digital money can be exchanged as freely and fluidly as cash.
This lack of interoperability not only prevents financial growth for the impoverished, but also slows growth for local and national economies.
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