![]() ![]() In India, more than 80 million adults made their first digital merchant payment after the start of the pandemic, while in China over 100 million adults did. The same was true for more than a third of adults in all low- and middle-income economies who paid a utility bill directly from a formal account. In low and middle-income economies (excluding China), over 40% of adults who made merchant in-store or online payments using a card, phone, or the internet did so for the first time since the start of the pandemic. The pandemic has also led to an increased use of digital payments. While in previous Findex surveys over the last decade much of the growth was concentrated in India and China, this year’s survey found that the percentage of account ownership increased by double digits in 34 countries since 2017. Importantly, growth in account ownership was evenly distributed across many more countries. ![]() This expansion created new economic opportunities, narrowing the gender gap in account ownership, and building resilience at the household level to better manage financial shocks, according to the Global Findex 2021 database.Īs of 2021, 76% of adults globally now have an account at a bank, other financial institution, or with a mobile money provider, up from 68% in 2017 and 51% in 2011. WASHINGTON, June 29, 2022- The COVID-19 pandemic has spurred financial inclusion – driving a large increase in digital payments amid the global expansion of formal financial services. Three quarters of adults now have a bank or mobile money account gender gap in account ownership narrows ![]()
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