Why embrace digital transformation in an unbanked environment?
Digital transformation is the first step for businesses that want to overcome obstacles, focus on innovation and success. And in that sense, new technological tools point towards security and competitiveness.
At the same time, in the current pandemic context, financial institutions and businesses understand the changes that continue to impact the global economy. This makes clear a reality in which millions of people in Latin America are still unbanked.
This is where fintech, e-commerce and mobile networks for cash payments become very relevant players; because they manage to integrate the unbanked population into a booming and continuously growing segment, that of online shopping.
What digital financial transformation can offer your business
- It seeks to maintain the competitiveness of enterprises. It improves the supply of products and services and increases productivity. At the same time, it meets consumer demands and optimises the customer experience.
- Improve the alignment of teams. This translates into faster and more accurate customer service, better purchasing options and payment methods.
- Process automation. It offers customers simpler purchase process flows and improves payment conditions. For example, implementing mobile cash payment networks such as PAGO46 is a strategy designed to bring millions of unbanked people into the online shopping market. Even the segment that still distrusts online transactions with cards or bank accounts.
The importance of not falling behind
In the last year, many companies have reinvented themselves to stay in business. Although the pandemic disrupted routine, digital transformation proved to be the tool to keep them on track.
This is a crucial element to change, to adapt digitally, to position and consolidate in the market. Mainly because digitalisation has changed our personal lives and the nature of business.
So, as e-commerce transforms, online payments and digital transactions are more necessary than ever. Mainly because millions of unbanked people need access to online commerce.
Consequently, the business world must adapt in order to make the most of its structures and processes. One example of this is to implement electronic means of payment, including cash payments for online purchases.
In this regard, a key aspect is the security of transactions. The PAGO46 mobile cash payment network is efficient and secure, while helping merchants in Latin America to grow.
Why include an online cash payment option?
- You reach an even larger sector of your audience, including unbanked consumers.
- It offers inclusivity, convenience and accessibility to online shopping.
- It makes flawless transactions in a matter of seconds.
- It is more agile, efficient and able to continuously improve to make online businesses more productive and competitive.
- It seeks to innovate, to create new ways and procedures to optimise the online payment process, the quality and security of transactions.
- Manage expectations and improve the customer experience in the process of paying for their online purchases. In this way it helps online businesses to be more competitive.
- It designs processes that use resources more efficiently, reduce costs, optimise expenses and increase economic benefits.
Advantages of targeting the unbanked
In developing countries, the unbanked population is estimated at 2.5 billion people. They rely on cash or informal financial services that are not secure, not convenient, but more expensive.
So mobile payment platforms and networks, such as PAGO46 , are making efforts that become real solutions.
This is an opportunity to do business, increase sales and offer digital financial services in cash. Especially as millions of unbanked people have access to mobile phones and online offers.
The unbanked represent, for e-commerce, a competitive advantage with an impact on sales growth. It also includes expansion, growth, higher productivity, profitability and ROI.
Conclusion
With the digital transformation of commerce, the first challenge was to digitise means of payment and ensure secure transactions. At the same time, this challenge evolved into an opportunity to take the unbanked into account.
With the global consumer demand for modern, digital and inclusive payment methods has also increased. Ensuring that they are secure, fast and offer opportunities to access any type of product and/or service.
This is how PAGO46 was born as a mobile cash payment network that seeks financial inclusion and the democratisation of online payment services, allowing companies to offer products and services to millions of unbanked people.
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Pago46 Seeks financial inclusion through cash payments