Most of us in the developed world don’t think twice about how we conduct our financial lives. Our paychecks appear automatically in our checking accounts; bills are paid with the tap of a few keys; we swipe our debit card and a barista hands us a cup of coffee. Simple. Convenient. Low cost. Digital. For people in the developing world, it’s another story. It’s much more complicated. It’s hardly ever convenient. And rarely digital.
I’m speaking at the Alliance for Financial Inclusion’s Global Policy Forum today to share the results of a new report from the Gates Foundation and McKinsey & Company, Fighting Poverty, Profitably: Transforming the economics of payments to build sustainable, inclusive financial systems, completed about payment systems around the world. We wanted to learn more about the costs associated with current payment systems and find ways to provide poor people in developing countries with affordable, efficient and secure ways to send and receive money.