2024-05-11 10:13:19
The use of mobile money and digital payments “has experienced rapid growth” in Central America, in Panama specifically and in Dominican Republicstates the Inter-American Development Bank (IDB) in a study published yesterday.
The percentage of adults in this region who own mobile money accounts has doubled, from 4% to 8% between 2017 and 2021, says the report “Towards greater financial inclusion for development.”
“Digital platforms facilitate savings, improve security, IDB report rapid growth of digital payments speed, and reduce the costs associated with domestic payments and international remittances,” says the BID it’s a statement.
This is “especially relevant in the region, where homes The most vulnerable depend on remittances,” he adds.
However, the area must “close gaps with other parts of the world” both in the adoption of digital financial tools and in investment policies. financial inclusion.
“In our region it is key to promote policies to promote the availability and access to financial services such as credit, savings, payment of services,” says Tomás Bermúdez, manager of the BID for the region of Central America, Mexico, Panama, Republic Dominican y Haiti, cited in the note.
This is important so that companies can grow and households can invest in economic activities, education and health, he adds.
According to the statistical portal Statista, mobile payments have become “one of the cornerstones of electronic commerce” in Latin America and the Caribbean. In 2020, the value of transactions of this type exceeded 38 billion US dollars in the region and is expected to exceed 100 billion in 2025, it states.
Mobile payments comprise a variety of services ranging from money transfer and payment of electronic purchases to contactless payments.
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2024-05-11 10:13:19