Google, Gates Foundation join hands to bring digital payments to disadvantaged communities

WASHINGTON: A new nonprofit charity unveiled plans Wednesday to promote digital payments for people outside the financial system, with support from Google and the Bill & Melinda Gates Foundation.

The Mojaloop Foundation said it would work on free and open-source software that can be used by disadvantaged communities and the unbanked around the world.

The initiative aims to serve an estimated 1.7 billion people who lack access to digital financial services, according to a statement by the organization, which is also backed by Omidyar Network and the Rockefeller Foundation.

Mojaloop executive director Paula Hunter said the aim was to provide “more affordable, accessible digital financial services” to people outside the banking system.