In advance of the November 2014 G20 Summit in Brisbane, the World Bank, jointly with the Better Than Cash Alliance and the Bill and Melinda Gates Foundation, released a report which reviews the benefits of digital payments, the challenges faced by countries looking at increasing the use of digital remittances, and suggests what government and private sector could do. The Report includes a call on governments to make progress in certain areas in relation to digitization of payments by the end of 2015.

What this means for you

The World Savings Banks Institute stresses that while governments play a significant role in removing barriers to digitalization, financial institutions should also exploit every opportunity to position and prepare actively for a more digitalized payment environment. This can be done not only by improving their technical infrastructure, but also by educating their consumers and small businesses about their potential options.