The Coca-Cola Company Joins the Better than Cash Alliance

Financial inclusion for consumers in developing countries is becoming increasingly critical, and a major point of emphasis for financial institutions and businesses.

While consumers are slowly gaining access to banking through innovative technologies and mobile developments such as M-Pesa, the B2B payments space is equally as important.

The Better than Cash Alliance, funded by the Bill & Melinda Gates Foundation, Citi, MasterCard, Visa, governments, along with a host of other public organizations, has welcomed The Coca-Cola Company as its first consumer goods member.

Shifting to electronic payments, especially for partners in the supply chain and employees in developing countries, could mitigate the costs of cash payment disbursements. These are areas, for example, where employees are paid in cash by way of a heavily armed armored car, and money management means hiding cash in the mattress. It’s inefficient, a hindrance on the economy, and most importantly, dangerous.

As a global company with a strong presence in developing markets, The Coca-Cola Company will seek to increase the usage of electronic payments and participate in discussions on the move towards global electronic payments adoption.

Financial inclusion for consumers and businesses will require a concerted effort from all stakeholders. The Better than Cash Alliance has a chance to unite these stakeholders under one banner for a cause that’s likely back of mind for most people, but incredibly important regardless.