IMF’s financial access survey for 2020 said the number of registered mobile money accounts per thousand adults jumped from 73 in 2015 to 1,265 in 2019.

Facebook-owned messaging service WhatsApp will let users in India send money through the app starting Friday provided that they have a bank account and debit card in India.

The events that have unfolded have brought to the fore the need to provide some sort of a social security net for millions of toiling masses. 

Symbiotics has arranged its first bond, the proceeds of which are solely used to finance renewable energy projects.

Amazon.com Inc (AMZN.O) has added insurance and even gold to its menu of financial services in India, to expand its customer base and attract more subscribers to its Prime loyalty program in a battleground growth market.

"COVID-19 has underscored how important digital systems and contactless transactions are for economic resilience."

The household survey will also capture remittance risks to the rural economy until the pandemic is contained.

Banks continue to dominate the microfinance sector accounting for 41 percent of the loan share of the industry.

In the current environment there has been significant growth in adoption of contactless payments, both globally and in India.

Latest data from the Bangko Sentral ng Pilipinas (BSP) showed cash remittances coursed through banks declined by 6.4 percent to $11.55 billion from January to May compared to $12.35 billion in the same period last year.