Benefits of Inclusive IPS Are Materializing
As more countries and regions implement systems that align with the Level One Project principles, the transformation to inclusivity is underway and the benefits of inclusive instant payments systems to end users are coming to fruition.
Benefits of IIPSs Are Felt in End Users’ Lives
“You would not have to worry too much about the cash you have on you because everywhere you are, you can easily send the money and it is safe as well.”
“Despite your location you can still do a transfer and the person can instantly get the money.“
End Users, Ghana (Quotes from AfricaNenda Consumer Research Insights)
“We only have the digital option. Someone may need money urgently for hospital; for that Google Pay or PhonePe will be useful. If a friend calls and says my mother is in the hospital, I need 10,000, we can send it immediately. At midnight no banks or anything will be there. We should use digital, but carefully.“
End User, India (Quote from BMGF-sponsored study)
The Introduction of Brazil’s IIPS Called Pix Is Contributing to Inclusivity
About 72 million Brazilians began using digital payments for the first time after the launch of Pix.
Usability of Pix is expanding beyond the P2P use case as end users are increasingly relying on the IIPS to pay for goods and services. As of June 2023, P2M use case accounts of 29% of transactions.
Average Pix transaction value is decreasing, indicating usage of Pix for everyday purchases.
We consider Pix a public good that has been set up to positively impact the economy, financial system, and people’s lives. Digitizing of payments is very important for our country. We are pleased Pix is processing a high volume of transactions and that people are realizing its benefits for many use cases.
Next Topic in this Section: Impact of IIPS Fraud