Sunday, May 19, 2024

    How to help 1.7 billion people excluded from financial services

    In a time where we have many payment options, it’s hard to imagine how 1.7 billion people in emerging markets don’t have access to have financial services.

    Poor households sadly rely on cash and physical assets which are unreliable as cash is spent and physical assets can easily get lost or stolen. There is no value in keeping cash as it doesn’t grow and most physical assets depreciate.

    For some in emerging markets, having a bank account can be scary because they don’t trust banks, feel they don’t have enough money for an account, or don’t understand the benefits of having an account. Financial inclusion goes far beyond bank accounts, it also includes credit, savings, payments, and insurance.

    How do we end this cycle of poverty? By increasing the development of digital payments systems. Fortunately, due to today’s technological advancements, it’s easy to send money through digital payments. It enables a more convenient life for everyone whether they want to pay bills, make purchases online, in-person, or inward/outward remittances.

    Thunes, a B2B global cross-border payments network for emerging markets is on top of it. Its mission is to make sure the 1.7 billion people excluded have the same resources the rest of the world has. The power of this network allows its B2B customers to process payments instantly, cost-effectively, and in compliance with rigorous international standards.

    Thunes interconnects mobile wallet operators, corporates, merchants, money transfer operators, payment service providers and banks to support local and relevant payment and transfer methodseverywhere. The company offers three key payment solutions: P2P remittance processing, corporate mass payouts and digital payment services.

    Today, Thunes’ global network reaches over 80 countries with more than 9,000 payout partners. They connect hundreds of diverse payment systems, and provide access to 3.6 billion accounts and mobile wallets. Best of all, it creates a seamless experience for millions of people around the world, every single day.

    Digital payments are the future of our ever-changing global economy and financial services shouldn’t be a luxury; it should be a right for everyone.

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