Most people now have access to electronic financial services, thanks to the ever-increasing digitization of the economy and penetration of Smartphones. For instance, 1 billion people currently use Mobile Money services worldwide! As a result, billions of digital transactions are carried out on a daily basis.
Watch the video and discover the sheer magnitude and potential of the Mobile Money ecosystem.
1 billion transactions in less than a minute!
Isn’t it incredible that in the short time it took for you to watch this video, 1 billion transactions were made? This cashless environment creates great opportunities for governments. Firstly, it promotes financial inclusion, by giving the unbanked access to financial services. Secondly, it helps ensure tax compliance, as digital transactions are more easily monitored… provided that the right digital tools have been implemented. However, it also brings about security risks, in the form of cybercrime.
GVG’s digital approach to transaction compliance
It is therefore essential for governments to harness and secure the digital transactions ecosystem. GVG designed the FIN X Suite specifically to assist them in doing so. FIN X represents a leading-edge approach to ensuring the compliance of digital transactions, as it effectively monitors the ecosystem.
Want to know more about the cashless ecosystem? Click here.