The Crisis Has Made Digitalization Far More Important
Digital finance has become a critical lifeline during the crisis for billions of people. Innovations and investments have underpinned rapid scaling of support to vulnerable groups, from extending the reach of social safety nets and health systems to new ways to secure digital livelihoods and undertake mutual support within families and communities.
Governments are using digital payment platforms to operationalize social safety nets and extend the reach and effectiveness of health systems. Businesses are depending on ecommerce for their continued existence. People are reaching for the digital world to communicate with their families and friends, to buy what they need, and where possible to continue their work and livelihoods.
The move to conduct business, entertainment, education, health and other public services online is being accelerated. Digital financing will make social safety nets involving cash transfers easier and cheaper to manage. Public and philanthropic efforts to support those in need have also turned to the world of digital financing, leveraging crowdsourcing to raise funds and target transfer payments to support people in need.
This surge in the digital world amplifies the opportunity and the need for it to be harnessed in the longer-term pursuit, and financing, of sustainable development.
Digital finance has become a critical lifeline during the crisis for billions of people. Innovations and investments have underpinned rapid scaling of support to vulnerable groups, from extending the reach of social safety nets and health systems to new ways to secure digital livelihoods and undertake mutual support within families and communities.
Governments are using digital payment platforms to operationalize social safety nets and extend the reach and effectiveness of health systems. Businesses are depending on ecommerce for their continued existence. People are reaching for the digital world to communicate with their families and friends, to buy what they need, and where possible to continue their work and livelihoods.
The move to conduct business, entertainment, education, health and other public services online is being accelerated. Digital financing will make social safety nets involving cash transfers easier and cheaper to manage. Public and philanthropic efforts to support those in need have also turned to the world of digital financing, leveraging crowdsourcing to raise funds and target transfer payments to support people in need.
This surge in the digital world amplifies the opportunity and the need for it to be harnessed in the longer-term pursuit, and financing, of sustainable development.
