The 2020 World Economic Forum has focused on digital payments as a mechanism to encourage sustainable consumption, improve accessibility in cities, and promote gender equality. 

As referenced by Visa’s European CEO Charlotte Hoggs in her publication during Davos 2020, CSB’s Sustainable Market Share Index shows that sustainable consumption in the United States is on the rise, as sustainability-marketed consumer-packaged goods categories grew significantly more than their traditionally-marketed counterparts over a five year period. Developments in digital payments could allow consumers to track the environmental footprint of their purchases, increase the overall standard for data transparency, and encourage even more consumers to engage in sustainable consumption. 

Areas of Asia and Africa are rapidly urbanizing and public-private partnerships between governments, banks, and open payment networks will deliver sustained growth for local transportation and commerce. By integrating digital payments, cities can gather data insights to improve the quality of their public services. 

Moreover, there are high barriers to entry for women entrepreneurs and small business owners in accessing formal financial services. Through initiatives like the Visa Foundation’s She’s Next program, women can share their company information on a digital platform that connects them with potential corporate buyers across the world. 

Excerpt: “There also is evidence that consumption in the US is changing; sales of sustainably-marketed consumer-packaged goods in the US have grown more than five times faster than traditionally-marketed goods, according to the Sustainability Market Share Index by the NYU Stern Center for Sustainable Business.”

To read the full World Economic Forum feature, click here.