Having access to financial services is something that most people take for granted. But for the “unbanked,” or people who lack access to financial services because of poverty or where they live, financial tools could mean a world of change.
Unbanked populations often live a cash-only existence, a reality that means they may have difficulty saving for their futures. Without access to financial products, pursuing further education, starting a business, or even buying a home can also be hard to achieve.
Visa is doing its part to reach under-served markets with the goal of providing access to financial services for 500 million people who don’t currently have it. The company announced its intent, along with other financial leaders, at the World Bank Group and International Monetary Fund Spring Meetings in Washington D.C this past April.
The ultimate goal for the group? Universal financial access by 2020.
For the 2 billion unbanked adults in the world, the introduction of electronic payments can become an important tool to address issues related to poverty, while also helping local merchants grow their businesses.
Visa is proud to join the effort to help new marketplaces and newly empowered consumers thrive.