Payment aspect of financial inclusion

World Bank Group

Over recent years, the importance of financial inclusion and its different facets have been analysed in numerous studies. However, the payment elements have only received superficial treatment. This document sets out to analyse the supply and demand for payment systems affecting financial inclusion, so that it can then make informed suggestions on how to deal with the needs detected.

The reports starts with two key points: (i) efficient, accessible and secure retail payment services and systems are crucial to promote financial inclusion, and (ii) an account in which people can carry out financial transactions is essential in itself, and can give people an entry into the system so that they can then think of adding further financial products.

The study analyses the current panorama in payment systems for retail customers and the barriers to access and use that they face. It ends with a set of objectives to promote financial inclusion that could be achieved by a better offering of payment systems. It establishes a set of guiding principles to get there