According to the World Bank’s definition, financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.
A 2018 World Bank report shows that 1.7 billion adults around the globe are still unbanked. In Austria, between 96% and 100% of adults (depending on the age group) hold a bank account. Still, the ever-accelerating rise of digital trade and payments may have an adverse effect on the financial inclusion of certain age groups.
- What financial inclusion means to us with respect to payment services is that all social groups should have access to intuitive, secure and efficient payment services.
- We believe in leaving nobody behind in the age of digital transformation.
- This is why we advocate for a heterogeneous payment landscape that allows for different forms of payment based on the requirements of different social groups.
Aktion Mensch – Was ist Inklusion? (available in German only)
The World Bank – Financial inclusion is a key enabler to reducing poverty and boosting prosperity
The World Bank – Financial Inclusion on the Rise, But Gaps Remain, Global Findex Database Shows