In its most recent report, Citi and Imperial College London have highlighted the ongoing migration towards digital payments in 90 countries around the world. In it’s latest Digital Money Index, Citi and Imperial rank the “readiness” of the selected countries for adopting non-cash payments based on each nation’s level of government and market support, financial and technology infrastructure, amount of digital options, and the population’s propensity to adopt electronic payment methods.
At the top of the ranking, Citi place Finland, Singapore and the US as the most ready for international payments whereas Chad, Angola and Ethiopia are ranked as the least ready. Commenting on the results, Citi wrote,
“Clearly, improving digital money readiness and driving adoption is not a quick fix — this requires commitment for the long haul.”
In its report, Citi says a 10% increase in adoption of electronic payments and could help up to 220 million people enter the formal financial sector and bring the industry upwards of $1 trillion. While financial inclusion will take time and effort there are clear benefits to the global economy and industry that spans both developing and developed countries and so efforts across the private and public sectors should be ramped up.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service at Mercator Advisory Group
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