A decade or two ago, the financial firm was not as advanced
that it was today. There were online payment facilities, however these were
restricted to consumers having a bank account only. This meant that unbanked customers were unable to
process digital transactions. Why so? Because a form of banking identification
was needed to validate a settlement. For instance, a credit or debit card was
mandatory. If you do not have a bank account, it is obvious that you would not
have these facilities.
Now, thanks to developments in the tech sector, things have
changed. There are payment solutions
promoting financial inclusion these days. Two such methods are SMS+ and
Internet+. These are offered by Digital Global Pass and they are based on the
direct operator billing infrastructure. This tech was introduced to cater to a
lack in the financial market. Mobile operators and fintech firms saw a niche in
sector and they came together to design a system that would fulfil the need of
unbanked and underbanked clients. Thus, they just have to select SMS+ or
Internet+ if they want to pay online. Nonetheless, there is a condition
involved. They must have a mobile account. This is because the charges are
going to be added to their phone bill.
Payments are processed via mobile accounts
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