HomeEntertainmentPay - Digikar -...

Pay – Digikar – High-tech, hardware, consoles, video games and entertainment news


😍 2022-07-24 14:16:20 – Paris/France.

While it is true that digital services like Netflix have driven the adoption of financial services in the region by the need to access it, not in all cases. Cash is still king in the region.

In Latin America, nearly 80% of subscribers access Netflix through gift or prepaid cards, which are obtained at convenience stores and work similarly to prepaid mobile phone services, he pointed out. Hernando Rubio, CEO and co-founder of MOVII Colombia, as part of the 4th Latin American Congress of Innovation, Digital Banking and Technologyheld in Mexico City.

But the wallets (digital wallets) they enable the unbanked to access digital products and services and therefore change the negative financial inclusion numbers.

Although startups that offer wallets still have a big task considering that today 1 in 10 people in Latin America own a wallet, while in Asia the figure is 8 in 10.

In all of this, money is not the enemy, said the CEO of MOVII, the enemies are the lack of financial education and the lack of inclusion in Latin American countries.

Do Latinos love money or are they out of options?

“Wallets help people move their money into the digital world, where mostly the good, pretty, cheap things are, which can cost around 35% less,” Rubio calculated.

“Financial inclusion is the gateway to business formality and it’s a treasure trove for productivity,” said the entrepreneur who already has 4 million users in his portfolio.

Electronic wallets are a first access channel for financial inclusion. And they make the process much easier to do in minutes without having to go to a bank branch, Rubio pointed out.

According to recent projections published by ResearchLab, digital wallet spending is expected to grow from $5.5 trillion in 2020 to $10 trillion in 2025 globally.

However, adoption is still low in Latin America. Panama is the country that leads the adoption with 33%, followed by Colombia with 24% and Peru with 19%. And despite being Latin America’s second-largest economy, Mexico occupies just 3% of it, Rubio said, citing a recent study.

While access is important, the use of wallets is what truly defines inclusion, that for it to be truly inclusive, a minimum of one transaction per month must occur.

The opportunity for financial inclusion is huge considering that more than half of the population in Latin America has a smartphone and an internet connection, so they have the opportunity to see product options and online services, but they can’t afford them, Rubio lamented.

“With financial inclusion, a person in a remote town can access education by paying for online courses on Platzi or Coursera”illustrated the entrepreneur and ensured that the next steps after having a digital wallet is that people can save and access credits.

In short, Rubio pointed out that: “We’re not saying don’t use cash, keep using it for anything useful in the physical world, but use it for shopping online as well. »

Cash will continue to be needed until businesses accept digital payments, which Rubio says accounts for only around 8% of formal payments in Colombia, the country with the lowest percentage accepting digital payments.

SOURCE : Digikar

Do not hesitate to share our article on social networks to give us a solid boost. 🤗

- A word from our sponsors -

Most Popular

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More from Author

A Breakthrough in Atomic Stability

New research has uncovered the importance of atomic ring structures in...

A Fiery Farewell to ESA’s Pioneering ERS-2 Satellite

ERS-2 was launched in 1995, four years after ERS-1, the first...

A Leap Forward in Male Birth Control: Non-Hormonal, Reversible Method Unveiled

A new study by the Salk Institute presents a groundbreaking non-hormonal...

Scientists Reveal How One Type of Lung Cancer Can Transform Into Another

Researchers catch lung cancer transformation in the act: Immunofluorescence image shows...

- A word from our sponsors -

Read Now

A Breakthrough in Atomic Stability

New research has uncovered the importance of atomic ring structures in glass, revealing how their stability influences glass’s performance and transition temperatures. This advance in understanding glass’s molecular dynamics aids in designing better glass products for high-performance applications.Glass is increasingly utilized in various high-performance areas, covering consumer...

A Fiery Farewell to ESA’s Pioneering ERS-2 Satellite

ERS-2 was launched in 1995, four years after ERS-1, the first European Remote Sensing satellite. At the time, these two satellites were the most sophisticated European Earth observation spacecraft ever developed, delivering new information to study Earth’s land, oceans, atmosphere, and polar ice, as well as being...

A Leap Forward in Male Birth Control: Non-Hormonal, Reversible Method Unveiled

A new study by the Salk Institute presents a groundbreaking non-hormonal and reversible male contraceptive method using HDAC inhibitors to block sperm production without affecting libido. This method, targeting the regulation of gene expression in sperm production, promises fewer side effects and fully reversible fertility, indicating a...