Digital Payments Industry ESG Thematic Report, 2023

Jyoti Waghmare10 Nov, 2022Technology

The inadequacy in the conventional banking system has led to the development of the digital payments industry. The key leaders of the industry have aimed at reducing the inadequacies in the conventional banking system, where no frauds or crimes related financial transactions take place. However, the main challenge for the market in terms of ESG arises in the aspect of social pillar, where the access to technology is still a challenging issue among communities that are underdeveloped or do not have the infrastructure to support the system. This could hamper the growth of the industry in terms of social inclusiveness.