The Power of the Assumptive Close

The Economist Intelligence Unit has issued a paper, ‘Going Digital. Payments in the Post-Covid World’. It is interesting both for what it says and how it says it. The report constantly references financial inclusion as a benefit of going digital. What it does not explain is how all of the digital payment fees and charges referred to in the report will be paid for by those financially excluded today because of the costs and challenges of bank accounts.

‘Governments have a crucial role to play in formulating policies that guarantee equitable access to these systems while encouraging innovation’, the paper states. ‘However, regulators’ responsibilities will increase further with the spread of digital currencies and super apps, which will allow for more cross-selling while also exacerbating the risks to data security, privacy and sustainable credit terms.’