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Smart Cards for All: Digitalisation of Universal Health Coverage in India

Smart Cards for All: Digitalisation of Universal Health Coverage in India

Digitally enabled services are becoming a priority of the government of India and ‘Multi Application Smart Card’ a new tool to ensure access as well as delivery of public services for various social sector schemes. Among these schemes, universal health coverage (UHC) has been prioritised in the past decade, the ‘Rashtriya Swasthya Bima Yojana’ (RSBY) was notified under the Ministry of Labour and Employment in 2008.

ResearchLORNA MCCONNVILLEJune 18, 2020biometrics, health coverage, welfare state, India, Jharkhand, digital finance, digital payments

Promoting China’s Inclusive Finance Through Digital Financial Services

Promoting China’s Inclusive Finance Through Digital Financial Services

The terms Internet Finance, Financial Technology and Digital Finance are almost similar in meaning and are used interchangeably in China and around the world. Here the term digital financial service (DFS) is used to mean all the financial elements or services accomplished by technological innovation.

ResearchLORNA MCCONNVILLEApril 2, 2020Inclusive finance, digital financial services, financial inclusion, Chinese inclusive finance, FinTech, internet finance Introduction The terms Internet Finance, Financial Technology and Digital Finance are almost similar in meaning and are used interchangeably in China and around the world (Shen & Huang, 2016; World Bank Group, 2018; Xie, Zou, & Liu, such as FinTech, internet finance or digital finance, may limit the services, for that reason the word DFS is used here to cover wide range financial services and innovations. Gabor and Brooks (2017) stated that ‘If we solve these large problems of inclusive finance, it will be with new business models, technologies and innovations. Data allow us to know which innovations work and which don’t’. Another study, Radcliffe and Voorhies (2012), identified DFS as ‘greases the wheels’ of the economic activity which makes the financial products and services cheap and easy to send and receive payments. After involving with the DFS, the poor people experience several benefits through several channels. These are including payment connections to peers, access to a basic store-of-value account, access to promoted financial services and payment connections to institutions, such as utility companies, enterprises and governments. Also, the rapid development of DFSs and major technological innovations are pushing China’s government towards the expansion of their inclusive finance (Zhou, Arner, & Buckley, 2015, 2018). G-24 (2018, p. 12) mentioned digital payment as a powerful tool of the solution to financial exclusion. This report also stated that ‘A flourishing mobile money digital financial ecosystem is one contribution FinTech has made to inclusive finance in many countries, but new technologies and approaches focused on developing comprehensive digital financial ecosystems are emerging and offer significant promise’. Salampasis and Mention (2018) noted that financial innovations have a significant influence on sustainable economic development. It also works as a driver of economic inclusion. Usually, formal financial institutions fail to meet the financial needs of SMEs, agricultural businesses and other financial needs of rural areas. Also, it fails to satisfy the financial access policies of the consumers. On the other hand, in any case, DFS can fulfil the financial needs of those financial areas and help to satisfy consumers’ financial access policies. Also, it can directly improve the well-being of its customers by enabling a broader ecosystem with much more significance. Karlan et al. (2016) indicated that DFS is using cost-effective cash transfers to provide different types of traditional and DFSs. It has had impacts on public expenditure management systems. In addition, it helps to reduce extra expenditure on projects funding and to get control over the expenditures. Additionally, it reduces corruption in traditional financial services. Economic development is well linked to inclusive finance (Long, 2016; Mitra & Das, 2018; Zhou et al., 2018) and promoted inclusive finance is broadly linked to the sustainable development goals (SDGs) (Tomilova & Dashi, 2017). Also, Siddik and Kabiraj (2020) specified that inclusive finance is deeply connected to inclusive growth. Over the past decade, less developed, developing and even developed countries have started to improve their inclusive finance in their respective countries. Many organizations around the world have been working to promote inclusive finance by developing specific sectors, collecting experiences and guiding related parties (World Bank Group, 2016). In terms of GDP growth and purchasing power parity (PPP), China’s economy is considered as one of the largest economies in the world for falling poverty rates and improving inclusive finance (World Bank Group, 2018). Also, China is the first country that rapidly promotes its inclusive finance through financial technology. This development began with the rapid growth and high acceptance of payment technology. More specifically, referring to PayPal services in the United States. Although, PayPal started their journey years earlier compared to Alipay and WeChat pay, its development has not been as rapid as Alipay and WeChat Pay. Whatever, access to finance is much easier than the earlier days. After joining the formal financial system, they are contributing significantly to the formal economic systems. For these reasons, China has the opportunity to hold the market leader position in diversified sectors. Another influential tool for their massive development of inclusive finance is their online shopping. More specifically Taobao & JD.com are their most commonly used online markets. People from all around can easily start their business in the online marketplace and ship their products across the country. This is also considered one of the most vital forces for their rapid development of the rural economy. Their digitalization of payment systems is working behind their rapid development. These are the most influential debate China’s inclusive finance. Whatever, not only China, also the United Kingdom, United States, Singapore, Malaysia and some other developed countries are very successful in using DFSs. Also, the digital payment system is used as a payment method in many other countries, such as Ghana, Kenya, Philippines, Uganda and some other underdeveloped countries, but the success pathway of their digital payment is not consistent (G-24, 2018). Therefore, China’s strategies and policies of DFSs revolution will work as a successful pathway to other countries whose inclusive finance is in the developing stage. However, despite this rapid growth, still, large numbers of people remain uneducated, without having a bank account and without the touch of financial technologies, Chong, LEE Kuo Chuen, & Cheng, 2018; Gabor & Brooks, 2017; Long, 2016). Despite this, China is regarded as the pioneer in digital inclusive finance and is introducing its best practices to other countries. Digital financial services is the main force behind this success history. Many authors, such as Ding et al. (2018), Leong, Tan, Xiao, and Sun (2017), Milian, Spinola, and Carvalho (2019), Salampasis and Mention (2018), Sinha, Pandey, and Madan (2018), Sparreboom and Duflos (2012), Yang, Chen, Shi, and Wen (2017), Zhou et al. (2015) and Zhu, Zhai, and He (2018), have found out that the most influential forces of the development of inclusive finance is DFS. From this perspective, the need for a review study has created. Whatever, presenting the influence of DFS for the development of China’s inclusive finance, focusing the ways or initiatives DFS leading to promote China’s inclusive finance through DFS and identifying the challenges in promoting inclusive finance. Also, the second section is review of literature, the third section is objectives and rationale of this study, the fourth section is theoretical framework, the fifth section is research design, and finally acknowledgements and references at the end of this study. Review of Literature Inclusive Finance The first issue is inclusive finance, which is directly related to the accessibility of financial services to the rural people (Bhaskar, 2013; Helms, 2006; Patwardhan, Singleton, & Schmitz, 2018). It comprises a wide range of financial products and services accessible to low-income and unbanked people mainly living in the countryside. Traditional financial services and products mostly overlook these countryside people because of their meagre income. However, inclusive finance helps those countryside people to save money, support their business and families, hedge against every day’s risks and promote their financial activities (Sinha et al., 2018; Sun, it denotes that all the adults should have access to appropriate financial products and services. Generally, Klapper, Singer, Ansar, & Hess, 2017). Demirguc-Kunt et al. (2017) stated inclusive finance as ‘It encompasses access to credit from formal financial institutions that allow adults to invest in education and business opportunities, as well as the use of formal insurance products that allow people to manage financial risks better.’ Digital Financial Services Another term DFS is very popular in the present times in the financial market, and its rapid development is an emerging issue in the world of finance (Casanova, Cornelius, & Dutta, 2018; Gai, Qiu, & Sun, 2018; Gimpel, Rau, & Röglinger, 2017). Mostly this word supports the activities of financial technology (FinTech), Dolata, & Schwabe, 2016). Beyond the traditional financial systems, 2016). Moreover, it relates a wide range of financial services, such as online banking, third-party payment, direct sales of funds, online insurance, crowdfunding and so on (Claessens, Glaessner, & Klingebiel, 2002; Hill & Hill, 2018; Salampasis & Mention, 2018). Specifically, Gomber, Koch, and Siering (2017) stated digital financing, digital investments, digital money, digital payments, digital insurances and digital financial advice as DFSs in The Digital Finance Cube and its Dimensions framework. Furthermore, it is directly linked to financial innovations and entrepreneurial phenomenon (Zavolokina et al., 2016). Also, another renowned researcher Ozili (2018) stated broadly the DFSs as while there is no standard definition of digital finance, there is some consensus that digital finance encompasses all products, services, technology and/or infrastructure that enable individuals and companies to have access to payments, savings, and credit facilities via the internet (online) without the need to visit a bank branch or without dealing directly with the financial service providers. Relation Between DFS and Inclusive Finance In the financial world, the relationship between DFS and inclusive finance is somewhat much correlated (G-24, 2018; Siddik & Kabiraj, 2020). It said that the development of inclusive finance will be accompanied by technological innovations instead of traditional systems. Digital financial service is regarded as the blessing of inclusive finance development. In these cases, both technological and financial advancement are significant. Different authors attempted to focus on the relationship between DFS-related terms and inclusive finance in China. After studying previous studies, a list of studies was selected for the final study for this research. Table 1 specifies the topology of the literature. Table Table 1. Topology of Previous Studies Table 1. Topology of Previous Studies View larger version After studying the collected articles, and the articles fulfil the three main searching keywords DFSs (Fintech, internet finance, online banking, p2p transfer, etc.), inclusive finance and China. In those studies, after examining the findings of related studies, researchers, fellows and others have gathered and considered here to accomplish the research objectives. Also, a systematic review study is important for the readers and researchers who are working on this topic. All the targeted reader will get the integrated concept of digital financial inclusion from this study. Even, digital insurances and digital financial advice. These functions directly influence on the transforming process of promoting traditional inclusive finance to digital inclusive finance. Ozili (2018) elaborates an organized digital financial inclusion framework that highlights the important roles that the government, financial technology and banks play significant roles in promoting inclusive finance and reducing poverty. Ozili (2018, p. 334) also talked about a sequence that the availability of a mobile device should be ensured first. After that, this may lead forward to the data financial inclusion as well as digital finance. Finally, in this research, fostering electronic payment acceptance, easier payment method and making financial services more affordable especially for the vulnerable people in the society. The functions of DFS comprise influential activities towards promoted inclusive finance from traditional financial services. The digitalization of the financial systems and the ultimate development of ICT have helped to achieve the primary goals of inclusive finance by providing DFSs. Services related to DFS promote the desired inclusive finance by creating multi-dimensional channels by providing a variety of DFSs among a large number of users. Here, DFS plays as the indicator that promotes inclusive finance in this era along with the rapid development of ICT and other factors of inclusive finance. Also, people can do different types of transaction, investment and also get the required advice from the experts for making the proper financial decision. It also allows users to make the rapid transaction and fast services, digital currency is an ideal example of promoting inclusive finance by accessing the financial system framework. Nowadays, people always prefer to use digital currency instead of cash. People feel unsecured with carrying cash, digital payment is the most revolutionary step to make life easier, especially in China; digital payment is much easier at present than it was 10 years ago. Here, digital insurance is also influencing the development of inclusive finance. For example, online marketplaces, especially Taobao and Jingdong are the most useful online marketplaces in China. People from all around China (even from the most rural areas) also open stores in these marketplaces. Therefore, it makes life especially safer for businesses. Also, another digital service is digital financial advice, both the service providers and receivers benefit from such kind of digital financial consultancy. figure Figure 1. Theoretical Framework of Promoting Inclusive Finance Through DFS Source: The authors. Research Design This study was followed by a systematic literature review to explore the articles related to DFSs, financial technology, digital finance and inclusive finance. In line with these studies, Ding et al., 2018; G-24, 2018; Long, 2016; Loubere, 2017; Makina, 2019; Patwardhan, 2017; Tsai, 2017; Zhou et al., 2015). Also, many studies related to inclusive finance and FinTech have been analysed as based on articles, such as those conducted by Hao (2017), Siddik and Kabiraj (2020), Sparreboom (2011), Tam and Hanh (2018) and Zhou et al. (2018). Whatever, different phenomena, Ngwenyama, Bauer, & Middleton, 2009). The databases for DFS or internet finance or FinTech are not as rich as other financial topics, as well as the database of digital inclusive finance is also not so widespread. That is why most of the articles collected from secondary sources (Hasan & Mahmud, 2017; Hasan, Nekmahmud, Yajuan, & Patwary, 2019; Hasan, Parven, Khan, Mahmud, & Yajuan, 2018; Shen, Shen, & Chen, 2016: Hasan, & Islam, 2017; Nekmahmud & Rahman, 2018). This study mostly based on finding out the critical phenomenon of DFS and inclusive finance with an interpretative approach from the secondary data analysis methods (Zavolokina et al., 2016). Many research articles, review articles, case studies and conference papers have identified and collected from secondary sources. Data were collected by following a systematic process. At first, the two best-indexed databases Scopus® by Elsevier B. V. and Web of Science Core™ were selected to maintain the quality of the collected articles. After that, we followed the search options of Elsevier, Emerald, Springer, Taylor & Francis, finance and economics. Different studies based on financial technology, inclusive finance, rural finance and inclusive finance are centralized here. Also, some articles have collected from the World Bank database, Varadejsatitwong, and Oloruntoba (2017), Hemingway (2009), Leonidou, Christofi, Vrontis, and Thrassou (2018), Rhaiem and Amara (2019), Snyder, Witell, Gustafsson, Fombelle, and Kristensson (2016), Siddik (2019) and Bulis, Kabiraj, and Siddik (2019). Specifically, this study followed the research methodology process of Hasan et al. (2019), Milian et al. (2019) and Witell et al. (2016). Figure 2 shows a research framework that mentions the systematic method of this study. figure Figure 2. An Overview of Data Collection Process Source: The authors. Several articles on DFS and inclusive finance are used with alternative key terms, such as ‘FinTech’ (Dapp, 2016; G-24, 2016; Mackenzie, 2015; Milian et al., 2019; Salampasis & Mention, 2018; Tsai, 2017), 2017; Loubere, 2017; Shen & Huang, 2016; Wang, & Huang, 2016; Xie et al., 2016; Yang et al., 2014; Patwardhan, 2017; Sun, 2015) and ‘digital finance’ (Ozili, 2020; Zhou et al., 2015). Here, the data coding system is divided into three parts: the first one is that data should be related to DFSs, the second one is that data should be related to China and the third one is that data should be related to inclusive finance. Also, three steps of qualitative data analysis model were followed here. These are classification, coding and text analysis. In addition, data are analysed by following those three criteria. Findings Importance of DFS in the Development of Inclusive Finance In China, DFS provides different opportunities by offering technological usage in diverse financial services to develop inclusive finance by persuading financial companies, credit companies, bank and such (Zavolokina et al., 2016). It also presents different opportunities for individual empowerment, such as reducing cost and increasing transparency (Anagnostopoulos, 2018; Thompson, 2017). Technology plays a very vital role not only in China but throughout the world in the development of inclusive finance (Shim & Shin, 2016). The significance of the financial technologies in economic growth emphasized the role of reducing the risks and costs of the financial sector better than traditional financial trading options (Frame & White, 2012). Also, it makes inclusive finance more profitable to encourage banks and other financial institutions to provide services to their target low-income customers (Helms, 2006; Patwardhan et al., 2018). Most of the Chinese financial institutions are delivering financial services using different technological innovations, such as ATMs, POS terminal, Instant mobile applications, mobile networks, trust management, mobile embedded systems, cloud computing, image processing and data analytic techniques (Shen & Huang, 2016). These DFSs significantly lower the transaction costs, enhance the efficiency of risk-based pricing and risk management, reduce information asymmetry, expand the sets of possible transactions and increase the transparency of the institutions. Besides, the use of technological innovations in inclusive finance, it creates competition among financial institutions. In some cases, companies overcome many obstacles by helping those institutions to improve the service quality to meet the demands of their customers (Hao, 2017). Therefore, this burden is also the same for China. To this end, day by day, the Chinese government is trying to develop inclusive finance. The government, as well as many private institutions, has taken many initiatives to promote inclusive finance. Even so, not only formal financial institutions but also the informal financial institutions play vital roles in meeting the demand for inclusive finance (Hao, 2017). At the heart of the internet finance industry, mobile internet use, big data use and cloud computing are all components of digital finance, and financial technology is used here to identify and manage financial risks (Huang, Lei, & Shen, 2016). In addition, all companies are working in the rural areas of China to promote inclusive finance. Since most of the rural people live in villages, providing different financial services to these people are very expensive, in part, because they have small amounts of money, often live in sparsely populated areas and few recorded credit records. In this situation, different DFSs have brought with blessings in China to develop their inclusive finance to promote their financial accessibility and inclusive growth (Siddik, 2019; Siddik, Ahsan, & Kabiraj, 2019; Siddik & Kabiraj, 2020). Whatever, FinTech is not a new concept in China. It has been used for nearly a decade (Shen & Huang, 2016). However, most of the people in China, even the rural people, are using virtual money within a second for the transaction purpose (Long, 2016). The development of FinTech depends fundamentally on the growth of the total economy as a whole, which is linked to the traditional financial sector (Guo et al., 2016). In this consideration, China has strong financial and advanced technology options for future financial growth with many FinTech tools. They are also active in providing services in a technologically innovative manner, such as large distribution outlet like ATMs, providing closer services to the poor people even to the underbanked people and enabling them to provide services within the scope baking service (Helms, 2006). Whatever their journey started after the development of PayPal in the west in 1998. There are some other platforms from where China got inspiration, initially, its development began in 2013 with the genesis of Yu’E Bao, a money market product of the Alibaba Group (Guo et al., 2016). They got remarkable growth for their technological money transaction systems and online lending services to small entrepreneurs for different purposes (Casanova et al., 2018; Yan et al., 2018). FinTech typically provides six services in China, WeChat pay), Internet lending (Webank, MYbank), Internet money market funds (Yu’E Bao), Internet insurance (Shipping insurance on Taobao.com), Internet credit investigation (Zhima Credit) and Internet investment (Yi Rendai, PPmoney) (Guo et al., 2016). These services are going with a rapid growth rate. According to the Peking University Internet Finance Development Index (IFDI) ‘since January 2014, Internet financial activities have been growing at around 100 per cent a year. The growth was very fast such as in 2012 the P2P Company was 200, which increased 4029 in April 2016’ (Shen & Huang, 2016). In some cases, rapid growth is part of the debate over whether this growth is sustainable. However, financial analysts are positive about this rapid growth in China’s financial sector. They think this is not only an initial technological advance but also a better integration between real life and financial technology (Anagnostopoulos, 2018; Shen & Huang, 2016). Here, connectivity (different network connections such as broadband, dial-up or satellite), credit scoring (computerized analysis of credit), personal digital assistants (PDAs), ATMs, internet banking, POS devices, biometrics, smart cards, mobile phones and so forth (Claessens et al., 2002; Gomber, Kauffman, Parker, & Weber, 2018; Helms, 2006). From these tools, especially mobile payments, is considered the most useful and influential for the development of China’s inclusive finance. Also, internet finance is one of the major media of using technological innovations for the financial transaction. How DFS Leads to Promote Inclusive Finance in China? The development of China’s inclusive finance has not started at a specified time. It has been growing for the last two decades. After studying the research done by renowned internet finance and FinTech research scholars (e.g., Guo et al., 2016; Huang et al., 2017; Shim & Shin, 2016; Tsai, 2017; Wang et al., 2016; Zhou et al., 2018), FinTech development leads China’s promoted inclusive finance. Challenges in Promoting Inclusive Finance Despite the rapid development, Duoguang (2018) specifies some of the challenges of inclusive finance through DFS in its report. These are barriers in rural areas (rural education, single child policy, urbanization and so on), large variance in personal financial literacy, unequal development among different DFS elements (e.g., the growth of insurance and wealth management is still comparatively slow) and balance between risk and development. Whatever, from the total population of 1, 415 million, 575 million people do not use a smartphone (Source: Statista, Worldometers). At the end of 2018, 600 million people do not use the internet (Source: Statista, China Internet Watch). Nearly 266 million people live in urban areas, and nearly 332 million rural people do not use the internet for any purpose. These people lag utilizing the internet in every case, especially in financial communication (Source: Statista, China Internet Watch). From the total 815 million people who are using the internet, they are out of banking financial services (Source: Global Financial Inclusion Database, Global findex data exclude Tibet and Xinjiang, representing less than 5 per cent of the population. Unless otherwise noted, data for China do not include data for Hong Kong SAR, China; Macao SAR, China or Taiwan, China). Many financial services, agent banking, POS device and so on, are not available in rural areas. Customers are not aware of and not financially educated. Therefore, financial education is still treated as one of the most influential hinders of the development of inclusive finance. Different risks, such as loss of funds, inadequate disclosure of information, data privacy violations and false promotion, are creating problems in the development of FinTech and inclusive finance. Conclusion Poverty reduction and economic maintenance through financial development are the most important issues to be considered. As it affects a country’s socio-economic development, financial sector authorities should give increasing priority to promote innovation and the use of technology to improve inclusive finance and consumer protection. In China, mobile payment systems are regarded as one of the best tools for the development of inclusive finance. Also, it is treated as the main point of their digital success history. Since most of the underdeveloped and developing countries financial and economic systems are still standing below the developing stage. In those countries, digitalization of inclusive finance can play very significant roles in their financial transformation. Since, China is the pioneer in digital financial transformation, therefore, that is why the initiatives and strategies are not so scattered. Thus, concluding remarks of this is that China should go a long way and provide better financing channels for all financially excluded people. Another important factor is that as a global leader in digital financial transformation, microfinance and mobile banking or internet finance. To promote inclusive finance, all the ways of providing financial access should be developed equally. In this perspective, more empirical research should be done with the integration of financial education, financial access and use of digital financial products and services. Also, more specific research should be done on especially informal finance and mobile banking, and the use of FinTech products and services. In addition, inclusive finance of the third world’s populous country is not developed even not developing in most cases because it is difficult to provide better financial access to countries with larger populations. Therefore, how the populous and underdeveloped countries huge population can contribute to promoting their inclusive finance as well as high economic expansion should be empirically explored in future research. Acknowledgements The authors are grateful to the anonymous referees of the journal for their extremely useful suggestions to improve the quality of the article. Usual disclaimers apply. Also, the authors are grateful to Dr Md. Nur Alam Siddik (Associate Professor, Department of Finance and Banking, Begum Rokeya University, Rangpur, Bangladesh) for sharing his profound experience in this research field. Declaration of Conflicting Interests The authors declared no potential conflicts of interest with respect to the research, authorship and/or publication of this article. Funding The authors received no financial support for the research, authorship and/or publication of this article. ORCID iD Md. Morshadul Hasan https://orcid.org/0000-0001-9857-9265 Shajib Khan https://orcid.org/0000-0001-5454-4079 References Aggarwal, D. V. K. (2014). Financial inclusion in India: Opinion. International Journal of Commerce, Business and Management (IJCBM), 3(6), 841–849. Google Scholar Anagnostopoulos, I. (2018). Fintech and regtech: Impact on regulators and banks. Journal of Economics and Business. Retrieved from https://doi.org/10.1016/j.jeconbus.2018.07.003 Google Scholar Anshari, M., Almunawar, M. N., Masri, Hamdan, M. (2019). Digital marketplace and FinTech to support agriculture sustainability. Energy Procedia, 156(2018), 234–238. 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