Digital payments have burst into our lives. Every day, more and more people are giving up cash and paying for purchases with digital methods such as mobile apps. What benefits are they finding? 

Elisa is a mother of her four living outside Mexico City. She owns a kiosk where she sells newspapers, drinks and food. In the last few months she started to use digital payments for her personal expenses and her business. Since then, he has been reaping the fruits of this transition, as the transactions with customers and suppliers are now more secure. She has been doing the same to pay the salary of Mariana, an employee she hired to work the late shift. Because Mariana receives her salary digitally, she can more keep a closer eye on her income. This encouraged her to buy a smartphone and learn how to manage her finances online.

But, what do we mean by ‘digital payments’? Any online method such as a mobile banking app, a digital wallet or a QR code.

In Elisa’s story, we can see plenty of benefits from using these payment methods; but there are many more:

  • They help to bank the unbanked.
  • Business-to-business transactions increase, as does transparency.
  • Entrepreneurs can gain more access to credit.
  • The risks of theft, counterfeit and fraud decrease because it payments and financial movements can be easily traced and monitored.
  • Digital payments are more hygienic and promote the interpersonal distancing currently required due to the global coronavirus pandemic.

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