Why digital payments are not replacing cash

Why digital payments are not replacing cash

10 June, 2016    

Globally, the financial inclusion agenda has focused on migrating consumers, providers and governments to digital payment instruments, in a bid to reduce the cost of payments and to allow for the digitisation of other services for which payments are required (e.g. savings, credit and insurance). However, despite the increasing focus on and availability of digital or electronic payments, very few adult consumers in the initial six MAP countries were found to be using digital instruments to meet their payment needs and cash remains the preferred payments options.

The king is not dead: Why digital payments are not replacing cash (Note 5) further explains why consumers still use cash, despite the availability of digital payment instruments and the energetic advocacy efforts for the adoption of digital options.

Download the note Size 4mb


Similar Articles
Supporting the development of a digital finance index
Digital financial services are transforming global financial service provision and access. Rapid developments in fintech are disrupting and transfo...
Impact of remittances for recovery and resilience through digital and financial inclusion
In 2021, migrants’ remittance flows to low- and middle-income countries (LMICs) reached US$540 billion, onl...
Risks, harms and opportunities in data-driven technology for financial inclusion
How can data and data-driven technologies impact financial inclusion efforts in Africa? ...
Regulatory adaptation: The changing role of financial sector regulators
Considering the changing role of financial regulators and responses to innovation Inno...