Bill Gates Hates Cash. Here’s Why

See on Scoop.itPolitical News Updates

Why electronic transactions are superior to cash for the world’s poor and unbanked

 

Top five reasons, according to the alliance:

Transparency: Less corruption and theft when payments can be easily tracked. In Afghanistan, U.S. aid agencies use it so workers aren’t so vulnerable to robbery.

Security: The money gets where it’s supposed to go.

Financial inclusion: Electronic payment is a way for unbanked people to establish a record of on-time payment of their bills. This can be an “on-ramp” for them to get other services, such as loans, speakers said.

Cost savings: Moving physical cash around is costlier than zipping electrons. Many poor people, however, still find it cheaper to use cash, because some cashless networks charge high fees.

Access to new markets: This benefit is mainly for providers of financial services.

See on finance.yahoo.com

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