The digital wallet promises to reduce remittance fees for underbanked employees in the UAE by enabling transfers to up to five people for the price of one.

The company projects it will process around $400 million in payments this year in the five countries in which it operate.

The partnership also focuses on designing and supporting cottage, micro, small, and medium enterprises.

Amid the enthusiasm to expand and scale digital public infrastructure (DPI) models to dozens of new markets, this report explores the opportunities for DPI to be built and deployed responsibly for three fundamental elements of financial inclusion: identity (ID), payments, and consent-based data exchanges. 

By streamlining cross-border payments and reducing reliance on third-party currencies, initiatives like these promote financial inclusion and stability. 

For digital payments to be meaningful for farmers, the study finds that digitization needs to be strongly linked to access to a broader suite of financial services, to unlock farm investments and smooth day-to-day consumption. 

FINLAC, a joint effort by the IDB, IDB Invest and IDB Lab, serves as a one-stop shop for advancing financial inclusion, supporting governments, accompanying firms, and igniting innovation in developing and implementing effective policies, reforms and business practices to create inclusive financial markets in the region.

The purpose of this Roadmap is to identify obstacles, barriers and challenges to the adoption of an increased and effective usage of digital payments, and to develop a multi-disciplinary and stakeholder action plan to unlock the inclusivity, effectiveness and sustainability of digital payments in South Africa.

PayPal is introducing a new offering that will enable small and medium-sized enterprises (SMEs) to accept a wider range of payments online.

This partnership is poised to significantly narrow the financial inclusion gap, streamlining the processes of money transfer, savings, and credit accessibility for individuals.