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TECHNOLOGY, FINANCE

Accelerating Digital Payments in Latin America and the Caribbean

May 20, 2022

Digital payments play an important role in financial inclusion. Research shows that when people have access to digital payments, these act as a gateway to other financial services, like credit and insurance; and people are more likely to use those services to save money, start or expand businesses, manage risk and better sustain financial shocks.4 Digital payments also allow governments to disburse resources to more of their unbanked populations than they would using cash. Micro-, small and mediumsized enterprises (MSMEs) greatly benefit from the use of digital payments as it allows them to attract more customers and bring their business online, creating opportunities to sell beyond their immediate geography

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