Globally, 230 million private-sector workers do not have bank accounts and receive wage payments in cash (World Bank, 2019)

Feb 14, 2020

Source
The statistic comes from a World Bank report titled, "The Role of Digital Financial Inclusion in Preparing for Older Age and Retirement" published on July 18th, 2019 with the Better Than Cash Alliance.

The report uses Payments Open Banking Assessment which illustrates the state of Open Banking from a payments perspective in 18 markets worldwide. According to the report, "Although cash payments' share of total payment volumes is declining in most countries, cash in circulation (CIC) remained stable or increased slightly over the past five years. Over 30% of countries record higher CIC rates" (WPR 2019, p. 31).

Key findings

  • A lack of pensions and savings among large proportions of adult populations presents a significant challenge in many countries.
  • Digital financial services can help people to prepare better for the financial challenges of old age.
  • Financial services present risks for older adults, and strong consumer protections are vital.
  • Globally, 230 million private-sector workers do not have bank accounts and receive wage payments in cash.

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Last Updated: Jun 3, 2020