Financial inclusion is a simple idea: people and businesses can access secure, convenient and affordable payment and other financial services, and use them to meet everyday needs and long-term goals.
Simple, but not easy. Today, about half the adult world lives in the informal economy, dealing exclusively in cash. To be one of these estimated two billion people is to face financial barriers that make life risky, expensive and inefficient. Financial Inclusion helps put people on a path out of poverty, creates productive empowered citizens, fosters business opportunities and fuels economic growth.
Digital payments are an “on ramp” to financial inclusion — very often, they are the first formal financial product a person uses. Visa has spent the last 60 years connecting hundreds of millions of people and organisations to a global system that enables fast, safe and reliable financial transactions. With our reach, insights and technical capacity, Visa is well positioned to advance financial inclusion.
In 2015, Visa made a public commitment to provide payments accounts to another 500 million people who do not use banking services as part of the World Bank’s call for Universal Financial Access by 2020. We are excited to pursue this marvellous goal, and we know it is in reach!