Currently, Fintech companies have the ability to reach remote parts of the planet or little access to traditional banks; however, a large part of this advance is due to the spread of the Internet at a global level. For example, many people wondered in 1995 if someone could make a payment from the top of Mount Everest; the answer was positive after a while since this process was successfully done in 2013. Currently, many people are making payments and all kinds of transactions worldwide using the Internet through Fintech.
Another emblematic case is that of a woman in a village in China, who accepts an Alipay payment for a bottle of water, despite not having a bank account and living in a mountain, this woman can accept the payment since she has a QR code and there is Internet in the area.
It was said that the arrival of the Internet would change the world, and that is precisely what is happening, although it seems that few people recognize this change because they see Internet access as something normal; however, this is not yet the reality of many people. If someone lives in a remote place but has Internet, then they will be able to access the network, communicate and make transactions with everyone at any time. On the other hand, if said person does not have Internet access, they will be very limited in communication and finances. Therefore, the Internet is a fundamental tool to improve people’s quality of life.
Fintech companies can improve people’s quality of life
Governments, companies, businesses, and organizations must use technology to improve people’s access to information, especially in the financial part. The lack of financing or the non-inclusion of the financial system can be an obstacle for many individuals’ personal and professional development. Thanks to Internet access, Fintech companies can “directly” improve people’s quality of life, providing fairer and more equitable access to the financial market.
Internet access and Fintech “go hand in hand”
According to the study “2021 Digital Report” carried out by We Are Social and Hootsuite, 4,660 million people have access to the Internet (59.5% of the global population); However, this data seems very promising; it should be considered that 40.5% of the global population still does not have access to the Internet.
If we take into account that Internet access is the “raw material” with which Fintech can reach people, it can be seen that there is still a long way to go, which is why different governments, companies, Entities, and organizations must continue working to achieve the goal that the entire global population can have access to the Internet and its different benefits, among which is financial inclusion through Fintech.
With this, we can conclude that Fintech companies will only be able to achieve true “financial inclusion” when Internet access is a reality for all people globally; just as Fintech needs the Internet to survive, the Internet also needs Fintech to be able to bring the “new financial technologies” to all people and improve their quality of life.
What do you think about this topic? Do you think that Fintech and Internet companies are a symbiosis to achieve financial inclusion globally?
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