How Mobile Banking is Driving India Toward a Cashless Society
Roughly 2 billion people in the world lack access to any sort of banking.
Here’s the good news: That number is 500 million people less than it was three years ago.
The reason for that drop: Smartphones.[^1]
In India, as an example, smartphones are prevalent, even though 20% of the country’s population lives in poverty. Smartphone owners' can download mobile banking apps as “e-wallets,”[^2] and that is making a huge difference in how business is won, as well as who is allowed to participate. Rural Indians, who are often miles from commercial areas, have made e-wallets even more popular than their counterparts in urban centers.