Citi Helps Launch Better Than Cash Alliance, Accelerating Transition to E-payments

NGO

According to a report commissioned by the Better Than Cash Alliance and released by specialist consultancy Bankable Frontier Associates, roughly 2.6 billion people live on less than $2 per day and 90 percent of them lack access to formal financial services, mainly operating in a cash-only economy that is vulnerable to theft, loss, lack of transparency, and inefficiencies.

Encouraging a global shift to electronic payments creates an opportunity for payees to move beyond cash, save for the future, build assets and move out of poverty - and the Better Than Cash Alliance knows that governments, the private sector and the development community can play a pivotal role in driving that transition. Instead of making billions of cash payments, including disbursements of salaries, payments to vendors, pensions, social welfare stipends, cash-for-work programs, and emergency relief payments, these large payers can tap into existing payment systems to move money electronically. In doing so, they not only will unlock access to financial services for millions of people, they will also realize increased cost savings, transparency, and security.

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