How women in payments are pioneering financial inclusion | PaymentsSource

Despite the growing digitization of financial services, a stark reality persists: Women globally remain disproportionately excluded from financial systems. More than 740 million women lack access to basic banking, limiting their ability to save, borrow or invest. 

For women in developing regions, the barriers are especially high and are often rooted in societal and structural constraints. Yet, as shown in ACI Worldwide’s 2024 Economic Impact and Financial Inclusion report, real-time payments are emerging as a powerful tool to overcome these obstacles, with women leaders driving transformative change in payments.

Women around the world face unique financial-access disparities. In countries where traditional banking is less accessible, women’s finances often rely on irregular, seasonal income — making it difficult to manage expenses or invest for future needs. This economic instability is compounded by cultural and legal barriers that restrict women’s engagement with financial institutions.
 
For instance, insights from the International Monetary Fund indicate that in regions like sub-Saharan Africa, where mobile technology has leapfrogged conventional banking infrastructure, only 37% of women have a bank account compared with 48% of men, limiting their ability to participate in formal economies.

These disparities hinder not only individual women but also communities and economies at large. Studies from the report underscore the ripple effect that occurs when women gain financial autonomy; for every $1 added to a woman’s income, her family and local community benefit at multiple levels. Closing these access gaps is critical, and real-time payments offer a promising path forward. 

Real-time payments stand out as a transformative solution in today’s digital economy. Unlike traditional bank transfers, which can take days to process, real-time payments provide instant fund access, ensuring that women can manage their finances on demand. For many women in low-income households or remote areas, this immediacy can mean the difference between financial stability and vulnerability. 

Take, for instance, the case of women entrepreneurs who run small businesses with limited cash flow. Leveraging real-time payments, these women can receive payments instantly and make time-sensitive investments in stock, supplies or emergency needs. Further, real-time payments adoption has led to increased savings rates among women in low-income sectors, a vital step toward achieving long-term financial security. 

Beyond enabling investment, in some countries, real-time payments are adaptable to a wide range of digital platforms, from mobile apps to social payment solutions, making them accessible to women who may not have traditional banking access. By using these digital tools, real-time payments can help bridge the gender gap in financial services and provide women with the tools needed to control their economic futures. 

The real-time payments transformation is driven by visionary women at the highest levels of finance and technology, who are ensuring that real-time payments solutions are inclusive and responsive to the specific challenges women face globally. These leaders bring unique perspectives to their roles, pioneering innovations that help make financial services more accessible and equitable. 

One such leader is Carleigh Jaques at Visa, whose work has focused on expanding Visa’s real-time payments solutions to underserved markets. Carleigh has been instrumental in Visa’s efforts to bridge financial access gaps by tailoring digital payment options that prioritize usability and security for women, particularly in emerging markets. Her leadership has pushed Visa’s commitment to financial inclusion, making real-time payments accessible across regions where traditional banking infrastructure is limited. 

Kristy Duncan, founder and CEO of Women in Payments, has been a relentless advocate for gender equity in the financial industry. Her work has empowered countless women leaders to contribute to real-time payments advancements, ensuring that women’s voices are central to the development of payment solutions worldwide. Kristy’s leadership highlights the critical role of mentorship and representation in creating financial technologies that serve women effectively. 

Another influential figure is Michelle Gill, executive vice president and general manager of the Small Business and Financial Services Group at PayPal. Michelle has championed initiatives within PayPal that ensure that real-time payments reach small businesses, many of which are owned by women and operate with limited resources. By expanding real-time payments to these entrepreneurs, Michelle is helping women-led businesses thrive, enhancing financial autonomy and creating more resilient communities. Her commitment to supporting women entrepreneurs underscores the importance of real-time payments as a tool for economic empowerment and growth. 

These pioneering women are not merely implementing new technologies; they are redefining how financial services work for underserved populations. Their advocacy for inclusive real-time payments solutions and commitment to gender-sensitive policy frameworks is setting a new standard in the payments industry — one where financial technology is a catalyst for social and economic transformation. 

For real-time payments to reach its full potential in empowering women, a collaborative and integrated approach among stakeholders is essential. Governments, private companies, and regulatory bodies must work together to create policy frameworks that eliminate legal barriers and drive financial inclusion through support, connectivity and education.

Public-private partnerships are crucial. Financial institutions can team up with governments to expand real-time payment networks to underserved areas, creating tailored programs that address women’s unique financial challenges. For example, incentivizing real-time payments for government benefit disbursements can ensure that funds reach women faster and more securely. 

In addition, educational initiatives are vital to maximizing the impact of real-time payments. Financial literacy programs can empower women to manage their finances effectively, leading to greater autonomy and security. By promoting these programs alongside real-time payments adoption, stakeholders can create a sustainable model that equips women to leverage digital tools for long-term benefits. 

The bottom line? Real-time payments represent a pivotal advancement in the mission to close financial access gaps for women. By offering immediate, flexible access to funds, real-time payments allow women to take control of their finances, empowering them to invest in their families and communities. The journey toward financial inclusion is a collective effort, and as women leaders continue to advocate for inclusive solutions, the future looks promising.