The Faster Payments Council has just unveiled a white paper that delves into the pivotal role faster payments can play in driving financial inclusion worldwide. This comprehensive report, based on a survey of experts from 30 countries across six continents, offers a global perspective on the challenges and opportunities surrounding faster payments and financial inclusion.
Key Findings and Insights
- Improved Access to Financial Services
- Faster payments have the potential to help the unbanked and underbanked gain access to affordable financial products and services.
- Real-time payments enable seamless digital transactions, promoting financial inclusion and economic empowerment.
- Critical Enablers for Success
- Robust digital infrastructure and supportive regulatory frameworks are identified as crucial enablers for successful implementation.
- Public-private collaboration and consumer education are also highlighted as key success factors.
- Digital Transformation and Adoption
- Faster payments can accelerate the adoption of digital financial services, especially in underserved communities.
- This can lead to increased financial literacy and overall financial inclusion.
- Notable Statistics
- Among banked households, 32.3% had used a P2P app, while for unbanked households, it was only 8.8%.
- Mobile payment apps accounted for just 2-6% of payments across income levels, rising to 6% for households with incomes over $150,000.
- Countries with a fast payment system have higher levels of access to credit from financial institutions.
- 86% of businesses and 74% of consumers said they used faster or instant payments in 2023.
- 55% of businesses indicate faster payments would be beneficial for paying bills.
The report offers a comprehensive analysis of the challenges and opportunities surrounding faster payments and financial inclusion, providing actionable insights for policymakers, financial institutions, and industry stakeholders.
Download the full report.