Editor’s note: Alberto Jimenez is director of mobile payments at IBM. Jimenez was most recently Director of Global Mobile Solutions at Citigroup.
While global efforts to increase financial inclusion (expanding access to savings, credit and insurance products) can have profound implications for individuals given the emergence of the digital economy, the ability to send and receive money in electronic form is potentially more transformative.
The societal benefits of financial inclusion are obvious. Safely accumulating money for financial goals like education or home ownership; or getting access to credit to start a business, can be life-changing tools for the unbanked and those with lower incomes both in developed and emerging markets.
However, the simple ability of sending or receiving money electronically can be as (if not more) transformational. That ability can open the door to the benefits of the digital economy beyond just granting access to bank accounts, while also…
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