Thumbs up for cashless systems

Abstract

In the developed world, we're all familiar with cashless systems, with most people well accustomed to making card payments. This contrasts markedly with the developing world, where many people are unbanked and cash is still strong. But all this is changing in parts of Africa and Asia with regulators, mobile operators and banks now pushing to bring more people into the economic system. Sarah Rotman, associate microfinance analyst, Consultative Group to Assist the Poor (CGAP), a policy and research centre at the World Bank, explains to CTT what is driving this change and discusses what the developed and developing worlds can learn from each other.