Multi-currency payments; fraud; how many payment methods should you offer – key headaches addressed
WITH 1.7b unbanked adults in the world, according to Findex Database,
Worldbank, the opportunities to address this market with alternative payment
methods are immense. The potential is biggest in Sub-Saharan Africa with 80%
unbanked, followed by Middle East at 67% and Latin America at 65%.
Within Asia, there’s 59% in East Asia and South-east Asia and 58% in South Asia. In high-income OECD countries, the percentage falls to eight percent, so even in the world of payments, there is huge inequality in the financial tech landscape.
For Ken Ling, vice president, finance of Dusit International, the even more interesting figure is the 200+ million micro, small and medium enterprises without access to banking services, seen in the chart that was shown to the audience during WiT Virtual: Navigating The Complex Payments…