According to the report, around 900 million adults without financial accounts do own mobile phones, and more than half of those have smartphones. "Financial inclusion has the potential to improve lives and transform entire economies," said World Bank Group President Ajay Banga. "Digital finance can convert this potential into reality, but several ingredients need to be in place." Banga cited the Bank's work supporting digital identification systems, social protection programs with direct cash transfers, and efforts to modernize national payment infrastructure. "We're helping to remove regulatory roadblocks—so that people and businesses have the financing they need to innovate and create jobs," he said. The Findex also recorded an increase in digital merchant payments. In 2024, 42 percent of adults in developing economies made at least one in-store or online purchase using a card or mobile phone—up from 35 percent in 2021.