Pay for Everyday Necessities
Carrying and paying with cash can be less secure than electronic payments, as cash can be lost or stolen without any means of recovery. Relying on physical cash also can be less convenient, often requiring a long journey in order to access it. Throughout Africa, in India and in other emerging economies around the world, Visa’s electronic payments provides the underserved with a better way to pay for everyday necessities, such as food, clothing, medicine, transportation, and utilities.
- In Zambia, the Democratic Republic of Congo and Tanzania, village shopkeepers must travel long distances to pay for wholesale merchandise, putting themselves at risk by carrying significant sums of cash. Visa company Fundamo’s partnership with Celpay, a mobile banking provider, gives shopkeepers a way to pay distributors over their mobile phones. Adoption has been widespread; in Zambia alone, roughly 10 percent of the Zambian GDP is business-to- business mobile payments.2
2Fundamo Case Study: Celpay.