Although the need for financial inclusion is well understood, the solution has proved elusive. Access to education, communications services, and financial and banking services can pose special challenges in the Third World. And the barriers to inclusivity in developing countries are often formidable, such as distance from a financial service provider, lack of necessary documentation papers, lack of trust in financial service providers, low financial literacy rates, the high cost of making low-value transactions, and religion, to name just a few. This whitepaper investigates the challenges of financial inclusion, the costs and issues associated with it, and explores why emerging and developing countries are now primed for digital payment innovation.

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