The impact of instant access to funds can transform daily life for small business owners and individuals. A small business owner can use a mobile wallet to receive payments near-instantly from customers all over the world, for example. Migrant workers can send remittances home immediately, rather than leaving family members waiting days for essential funds. Gig economy workers can also access their earnings the same day, helping them to avoid financial hardship. “An Uber driver probably wants their money when they’ve done a job, or at least at the end of the day, rather than waiting seven days to be paid,” says Moncrieff.
Global money movement networks such as Visa Direct are also helping to grow and connect the fragmented mobile wallet market. To date, the company has built connectivity across more than 195 enabled countries and territories, 150-plus currencies and approximately 12bn endpoints, spanning accounts, wallets and eligible cards. Looking ahead, embedded finance – whereby payment capabilities are built directly into ecommerce platforms, gig economy apps and other digital services – could help to further improve global financial inclusion. Indeed, according to the World Bank, integrating financial services directly into non-financial platforms and workflows could help underserved segments to “access credit in ways that were previously unimaginable”.
As real-time payment infrastructure continues to expand globally, and interoperability between different systems improves, many more individuals and small businesses will gain access to faster, more efficient and more affordable means of moving money. For the 1.3bn people still excluded from formal financial services, this is more than just technological progress. It’s an opportunity to realise their ambitions and participate fully in today’s digital economy.
