July 27, 2017 IBOMLLC Team

WIZZIT virtual cards promote financial inclusion and e-commerce in emerging markets

wizzit

Innov8tiv
Innov8tiv – Blacks In Technology in USA, UK, Caribbean Islands & Africa

No doubt online shopping is the big thing now and probably the future of business. It is therefore not a surprise that a lot of companies are aggressively targeting consumers online from all angles.

While this ICT-driven business started in the industrialized western countries, and have just recently started rolling out in emerging markets; the developed and emerging markets are not the same. In the developed market, shoppers can easily get a credit card to facilitate online purchases. The same cannot be said about emerging markets, as traditional banks have left out a big number of the population unbanked.

With such a large population unbanked e-commerce faces a challenge

The process of opening and maintain a bank account in emerging markets is marred with bureaucracies and paperworks. Unfortunately, the model of e-commerce being used in most emerging markets is imported from the industrialized markets, and immediately finds a challenge when it comes to means of payment.

While mobile money services (such as M-Pesa in Kenya) has played a significant role in filling the gap of the lack of credit cards in emerging markets. As Brian Richardson, a mobile banking …read more

Read more here:: WIZZIT virtual cards promote financial inclusion and e-commerce in emerging markets

      

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