Payments Journal examines how fintech companies can be both "innovative and inclusive" in a new article on how financial institutions and global remittance firms, together with governments and mobile providers, can win over new customers during the pandemic.
The article notes that a move away from cash can lead to privacy concerns for consumers, especially those in countries where people already have a distrust in financial institutions and thus opt for cash payments for everyday purchases.
"Such preferences are clear in many regions around the world, including LATAM, APAC and Africa due to historical cultural, political, and economic factors," the article says. However, some counties will be able to win over millions to using cashless payment solutions, if the infrastructure around cashless transactions can be built up more during the pandemic.
"While the use of physical cash has recently declined for safety reasons, Fintech must offer cash-enabled digital methods that are not tied to bank accounts, so unbanked shoppers are still able to participate in our global economy," it says.
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