Financial Inclusion and Mobile Payment to Empower Small and Medium-Sized Enterprises

Abstract

Despite the increasing adoption of financial technology (FinTech) and the need for secure payment methods, mobile payments as a mode of settling daily business transactions have not received sufficient attention. To date, several business actors prefer to use conventional money payment modes. However, it is apparent that the need for a more effective payment method today is considered as a basic necessity, considering the current complexity of consumers and the negative effect of COVID-19. Moreover, the crisis raised a wave of apprehension over a large number of business actors, particularly small and medium-size enterprises (SMEs). The literature search indicated that the government should implement the correct policy to help create an acceptable environment for financial transactions for both the user and providers. It is also necessary to ensure that client security and privacy rights are protected during the mobile payment transactions.