How can bank cards alleviate poverty?
Visa, a global payments technology company, is helping to tackle poverty by working to ensure their services are available to as many people as possible. They are striving to establish their financial services across the globe – particularly in the developing world.
A vital tool
Visa’s global network is a powerful platform that enables a variety of people from across the world to engage in transactions that ultimately improve their lives and strengthen their economies. However, half the adult world lives in an informal economy meaning that that an estimated two billion people do not have access to finance – which is a vital tool when it comes to accessing economic resources.
In 2015, Visa made a commitment to provide accounts to another 500 million people. This goal is aligned with the World Bank’s call for Universal Financial Access by 2020. They are aiming to be able to facilitate transactions in an efficient and safe way, averting the potential dangers of trading in cash alone. Visa are working towards this goal by providing convenient, trusted places for people to learn about and use digital payments and deposits.
As aforementioned, finance is an important tool. It has the power to improve the quality of people’s lives as it allows for people to access necessities such as food, medicine and transportation. What’s more, it allows for governments to pay wages and provide social subsidies, something many people rely on to survive.
This story exemplifies how Visa supports Goal 1: No Poverty, specifically target 1.3: “By 2030, ensure that all men and women, in particular the poor and vulnerable, have equal rights to economic resources, as well as access to basic services, ownership and control over land and other forms of property, inheritance, natural resources, appropriate new technology and financial services, including microfinance.”
Founded in 1958, Visa is an American multinational financial services corporation that facilitates electronic fund transfers throughout the world – through credit, debit and gift cards.
Learn more about Visa.