Financial inclusion has the power to boost economic growth, financial stability, and job creation. Those who have access to financial services may feel more empowered to make choices that will enhance their quality of life. Worldwide, financial education is still a problem. The world bank reports that around 1.4 billion adults are unbanked. So, is there a convenient tool or system to speed up financial inclusion to overcome this gap? It's crucial to keep in mind when considering a solution that the majority of these people live in rural areas without access to appropriate education or even basic necessities. However, the issue is much worse for those living in developing nations.
The number of unbanked persons in India is thought to be around 190 million. The RBI used a scale of 0-100 to assess the availability, use, and quality of financial services throughout the nation in the first-ever Financial Inclusion Index, which was published in 2021. Financial inclusion in India barely increased by a little over 10 points between March 2017 and March 2021. These figures demonstrate that there is still much work to be done, despite several programmes that have been started to increase financial inclusion in the region.
With cryptocurrency, India may expand its economy and seize new chances, significantly affecting financial inclusion in the process. Even while some might be sceptical of its influence, we think cryptocurrency has the potential to serve those left out of the traditional banking system while influencing social change.
Benefits Of Using Cryptocurrency
Banking the unbanked – The unbanked can now access financial services with crypto, regardless of social class, region, or income. One of the best case studies in this area is Africa, where a sizable section of the population lacks or has inadequate banking services. Cryptocurrency has provided access to the global economy for those who were shut out by larger financial institutions. This provides a remedy for India's 190 million unbanked citizens.
An Alternative Banking Solution – Cryptocurrency has a lot of room for growth in India. It can close the country's economic gap by addressing both individual financial requirements and business endeavours, including remittance, e-commerce, payments, wealth preservation, and social good. When it comes to remittances, it solves traditional banking's problems by offering lower rates, faster service, and around-the-clock access to assets.
India's Growing Tech-Savvy Population – The percentages of people using the internet and smartphones indicate a significant shift in interest in technology solutions. The current internet penetration rate is 45%, up from just 4% in 2007. Smartphone use is expected to increase at a similar rate, from an estimated 60% penetration in 2021 to a 96% projection for 2040. This emerging technological trend has the potential to expand businesses, create jobs, and boost the economy. With this infrastructure now in place, Indians are ready to move towards virtual cryptocurrencies like Bitcoin.
Conclusion
Webmantra Technologies is committed to investing in programmes promoting financial inclusion and education because we know the beneficial economic effects of financial literacy. We are witnessing more interest in Bitcoin across the nation by hosting meet-ups and events locally. Call us today to gather more details on crypto-related investments.
