6 Ways Mobile Payments Deliver Financial Inclusion

Member Article

Omlis celebrates UN World Development Information Day by exploring mobile payments and financial inclusion

Digital Payments Deliver Global Financial Inclusion

In light of the 2014 World Development Information Day from the United Nations on October 24, Omlis, provider of global mobile payment solutions, has gathered research on Mobile Payments and Financial Inclusion, detailing the potential for financial inclusion supported by dissemination of digital payment technologies.

Mobile payments in particular represent new potential for emerging economies to gain access to mainstream financial services like money transfers and credit scoring. Half of the working aged population of the world does not have a bank account, according to the World Bank, but the ITU (International Telecommunication Union) reported that about 90% of people in developing countries have a mobile phone subscription and 84% have a mobile broadband subscription.

“Digital payment technologies can end financial inequality on a global scale by providing previously ‘unbanked’ populations with much needed financial services,” saidMarkus Milsted, CEO of Omlis. “The mobile revolution represents a cost-effective means to integrate otherwise excluded members of society into a structured financial system.”

There is considerable evidence that the poor benefit hugely from basic payment services, which are increasingly becoming available worldwide with innovative mobile payment technologies. Mobile payments bring new ways to pay for both individuals and companies, and allow transactions across borders. Financially, individuals can gain credit through use of mobile banking technology, opening up new possibilities for gaining access to funds. Mobile payments also offer reduced transaction fees, making transactions affordable.

“Many current mobile payment services on 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.”

October 24th is the United Nations’ World Development Information Day, promoting improvement of dissemination of information and international cooperation for development. Information technologies bring new solutions for improving communication and inclusion, with mobile payment technologies being a unique solution for populations who haven’t had access to financial services. Omlis’s mission is to deliver safe, convenient, and affordable mobile payment solutions across the globe.

Related content: Omlis recently produced aninfographic that outlines the immense opportunity for social and financial inclusion with affordable smartphones. With increased access to smartphones at reasonable prices, data-rich information services like reading news online, watching videos, and social networking are now available to the global population. It also allows for financial education, and provides ability to transact and save through mobile banking.

About Omlis: Omlis is a global mobile payment solutions provider bringing market proven, highly powerful, differentiated and most effective solutions to all mobile commerce security. Providing completely secure, unique and uncompromised technology with 100% fault-tolerant tracking of all payments in real-time for full transaction accountability.

http://www.omlis.com/Digital-Payments-Deliver-Global-Financial-Inclusion.php

This was posted in Bdaily's Members' News section by Emma Thompson .

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