According to the World Bank, 230 million financially excluded people still receive their wages in cash, and 235 million unbanked adults in developing countries receive cash for their agricultural products. In total, 6.3 trillion dollars of global supply chain payments are still made in cash. For as long as a business purchases goods from unbanked suppliers or it needs to…
The race to cashlessness is being run around the globe, but at very different speeds. In the developed world, cash payments continue to decline. In some parts of Europe, shops, restaurants and bank branches even refuse to handle cash because of how little consumers use it. But in the developing world, cash payments commonly still account for over 90 percent…
Much has been written about the advantages of the cashless society, but the barriers to going cashless are many and varied, and the importance of each can change with geography and demography. In the developing world, the issues of going cashless or cash-lite are largely about financial inclusion, i.e. access to banking services, access to technology, and cost, whereas in…