According to the World Bank report, the use of digital payments is on the rise but cash continues to play an important role globally with 1.7 billion people living unbanked and relying on cash to get by.
Key findings include
- 1.7 billion people did not have bank accounts in 2017
- 1 billion adults who have an account still use cash to pay utility bills
- 300 million account owners worldwide work in the private sector and get paid in cash
- 275 million account owners receive cash payments for the sale of agricultural products.
Key findings from previous World bank Reports
- Globally, 62% of adults had bank accounts in 2014
- Globally, 51% of adults had bank accounts in 2011
Why the unbanked remain unbanked
"The most common one was having too little money to use an account. Two-thirds cited this as a reason for not having a financial institution account, and roughly a fifth cited it as the sole reason. Cost and distance were each cited by about a quarter of those responding to the question, and a similar share said they do not have an account because a family member already has one. Lack of documentation and distrust in the financial system were both cited by roughly a fifth of adults without a financial institution account, and religious concerns by 6%."