The Covid-19 pandemic has accelerated digital transformation and the adoption of digital payments around the world. Within digital payments, research and case studies show that digitization of government-to-persons (G2P) payments can increase economic efficiency and positively impact underserved populations. For example, when lockdowns were announced in March 2020 those low- and middle-income countries that already had a system of digital G2P payments were able to help vulnerable populations faster through contactless payments. Digital payments can be the bridge that can help formalize economies, contribute to the economic empowerment of vulnerable groups ---especially women--- and enhance financial inclusion.
For more than two years, CSIS has worked on how digital payment systems and digital ID enables financial inclusion in the developing world. Over the past year, our researchers have interacted with several dozen scholars, field practitioners, and government officials across Africa, Asia, and Latin America, to understand how the Covid-19 pandemic accelerated the digitization of payments in many countries. Our research has also revealed the vulnerabilities that continue to confront many economies today, leaving them unprepared for the next crisis.
Please join CSIS for a high-level panel discussion followed by a networking lunch. This event will mark the culmination of the year-long effort undertaken by CSIS on the topic of digital payments and G2P systems during the Covid-19 pandemic. The event will also mark the launch of a new microsite that portrays the effect of Covid-19 on financial inclusion.
