EDITORS LETTER Digital payments are the great equaliser in finance
In a recent
Top 10 , we counted down the countries still most reliant on cash . While it ’ s clear that some are further ahead than others in their attempts to set up a fully digital economy , it ’ s still very heartening to observe that innovation is everywhere .
“ Alternative payments solutions can unlock inclusion opportunities and empower underserved communities ”
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In fact , even the country that occupied the top position , Romania , is poised to become a leader on the Eastern European frontier of fintech , with next-gen companies like PayByFace introducing revolutionary biometrics solutions . Other countries like Ukraine , the Philippines , and Vietnam are displaying similar levels of promise .
The effects of the COVID-19 pandemic in accelerating the uptake of digital payments cannot be overemphasised , and it is in this regard that a silver lining to the crisis can , perhaps , be glimpsed . Alternative payments solutions can unlock inclusion opportunities and empower underserved communities . Furthermore , as companies focus more intensively online , merchant ’ s willingness to adopt region-specific transaction methods is likely to also increase .
It ’ s incredible to think that broadening one aspect of finance could impact so much , yet this is the exciting potential for developing economies and unbanked populations . As the disruptors of today become the incumbents of tomorrow , we can ’ t wait to find out how innovation will play a continuing role in connecting the globe .