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Electronic Payments

Why Digital Payments are Key to Entrepreneurs’ Success

Leora Klapper's picture
Public and private sector actors have an important role to play to encourage the use of digital payments and improve access to the formal financial system. (Photo: Dominic Chavez / World Bank)


In high-income countries, entrepreneurs routinely accept electronic payments from customers and make electronic payments to suppliers, tax authorities and others. But in developing countries, where more than a third of adults report being self-employed, digital payments are an underdeveloped business tool – one that can provide significant benefits to both entrepreneurs as well as society by bringing more people into the formal financial system. With the rapid growth of mobile phone ownership to facilitate digital payments in the developing world, shifting from cash to digital payments offers high potential payoffs for entrepreneurs worldwide. A new report shows how digital payments can benefit entrepreneurs.