Digitizing these payments could bring millions of adults into the financial system for the first time. Likewise, 355 million adults in developing countries with an account send or obtain domestic remittances in cash or over the counter.
Further, 1.3 billion adults with an account in developing countries pay their trash, water, and electric bills in cash, and over half a billion adults with an account in developing countries pay school fees in cash. Access to digital payments generates opportunities to provide more convenient and affordable payment options.