Without a strong financial infrastructure, a country is limited in empowering its citizens with the necessary resources to grow out of their current condition. Not being able to conduct financial transactions beyond their geographical location greatly hinders their ability to grow outside of this area. According to the World Bank, half of the world’s adults, over 2.5 billion people, don’t have bank accounts, and it is harder for individuals in this group to overcome their current situation and move up to the middle class. Digital payment technology is seen by NGOs and not-for-profit organizations as a viable solution to bring financial services to many regions around the world without banking infrastructures in place. Omlis, a global mobile payment solutions provider, has outlined the potential of financial inclusion using mobile technology with data supporting how mobile payments can be used to improve the lives of individuals in countries without the proper financial infrastructure.
The company released the information to coincide the 2014 World Development Information Day by the United Nations. The goal of establishing this day is to increase awareness and promote the improvement of dissemination of information and international cooperation for development. The UN believes information technologies have the potential to bring a wide range of solutions to developing countries, including mobile payment systems to a population with limited or non-existent financial services.
Omlis points out that 90 percent of people in developing countries have a mobile phone subscription, according to the International Telecommunication Union, and this fact should encourage service providers and governments to start delivering more access to mobile financial solutions.
The company also mentions the introduction of affordable smartphones and broadband infrastructure deployments across many developing countries will introduce not only better financial services, but other solutions that will improve the quality of life of many of these regions, including education, healthcare, government services, entertainment and more.
“Many current mobile payment services on the market aren’t inclusive for all, with expensive hardware requirements for businesses and with requirements for high-priced smartphones in exclusive regions. This is a key issue within the mobile payments space,” said Markus Milsted, CEO of Omlis. “Mobile payments aren’t just omni-channel or omni-tech, but they present an opportunity for an omni-culture where transactions are available across borders. It also provides the opportunity to remove technical inequality on a global basis.”
Edited by Rory J. Thompson
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