inclusión financiera archivos - PaynoPain Solutions

Is the ewallet technology the most efficient tool to boost financial inclusion?

Expert post: Fernando Gregori (CHANGEiT Manager)

 

Currently can easily be perceive a notable increase in financial operations by electronic means and a decrease in the use of cash. There are even countries like Denmark where electronic transactions have reached the point of being almost mandatory, since the government seeks to reach a cashless society in order to save on financial and administrative costs. And within these transactions, it should be noted a great increase in use that the smartphone currently enjoys to perform them. But this progressive trend is only possible in countries where access to banking has been simple for decades and thanks to the proliferation of new technologies, especially mobile phones.

 

The advantages of a population with high bankarization rates are many, among others the general decrease in the use of cash. Something that may seem irrelevant, but that improves security levels, especially in areas where the risk of theft is greater. You also get better traceability and easier to control fraud and tax evasion. In addition, access to regulated banking products such as loans, avoiding the usury of non-formal entities.

With a high level of financial inclusion both citizens and government enjoy many advantages, and if there is also a prominent use of digital banking, the citizen enjoys access to financial products 24 hours a day and 7 days a week.

 

However, there are still a large number of countries and areas of the world where the level of bankarization is weak and access to such facilities and financial products is difficult. This is the case in many countries in Latin America, Africa or even Asia, where access is not easy or there are high rates of ignorance or distrust in the financial system. In order to achieve the correct inclusion of these people, an approach to this system through financial education is needed first. Subsequently the appropriate tool is required to facilitate the transition. It is at this fundamental point that financial technologies, using mobile as the main tool, can contribute to this approach and provide a key solution to enhance financial inclusion.

 

And this is where CHANGEiT can make a difference as a facilitating tool. In PaynoPain we have managed to create and provide a solution that allows citizens who only have access to cash to enter the financial system through something as common as the mobile phone. CHANGEiT can be the mobile banking of any bank, so that financial institutions in any of those countries can market a digital system. In addition, our technology allows to integrate other types of external systems and offers the possibility of being used as an electronic wallet or eWallet. In this way, the cash could be introduced into the system and used as virtual money to make transfers between users, payments in shops or even the payment of services, in a comfortable and secure way.

 

Financial inclusion is the main objective of CHANGEiT, which is why it has the capacity to operate worldwide. And to allow adaptation to the peculiarities of each geographical area and market, the level of customization of the tool is almost unlimited, working under a white label and with wide possibilities such as integration with bank cores or other external systems such as the association with VISA cards or MasterCard or even the blockchain. A complete bankarization tool, configurable for any brand and accessible to everyone.

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