Digitizing Government-to-Person Payments: Opportunities, Benefits, and Challenges
A massive number of 100 million poor people across the world receive government-to-person (G2P) payment. This huge number in itself shows how important G2P payments are especially for the poor segment of the world population. G2P payments which are also referred to as government social protection payments are the payments made by the government authorities to the people for their welfare. These payments include government transfer payments like social benefits, pensions, and unemployment benefits. It also includes government wages and tax refunds. G2P payments are done across the world; however, the way it’s done differs in various countries. For example, in 90% of the developed nations, G2P payments are done digitally. Whereas, in more than half of the developing countries , G2P payments are made via cash and checks. But in recent times, governments are moving from a cash-based system to a fully digitized G2P payments system. READ MORE : Digitizing Government-to-Pers...