Global organisations join Mojaloop Foundation to advance financial inclusion

The Mojaloop Foundation said on Thursday that India's leading digital payments platform PhonePe and enterprise blockchain solution provider Ripple have joined as sponsor members, the highest level of the organisation.

The Mojaloop Foundation said on Thursday that India's leading digital payments platform PhonePe and enterprise blockchain solution provider Ripple have joined as sponsor members, the highest level of the orgsation.

In their role as sponsor members, they will join the Mojaloop Foundation board of directors and help provide the strategic vision, governance and technical guidance to ensure the long-term health and growth of the Mojaloop open source software and development community.

Mojaloop board-level members include Google, Bill and Melinda Gates Foundation, Rockefeller Foundation, ModusBox, Omidyar Network and Coil.

The foundation's mission is to increase financial inclusion by empowering orgsations creating interoperable payment systems to enable digital financial services for all.

"Our vision of universal financial inclusion is a world where everyone, everywhere can access and use the digital financial services they need to build economic security and resilience," said Kosta Peric, Chairperson of the Mojaloop Foundation.

According to McKinsey Global Institute, interoperable digital financial services if widely adopted could provide more of the population with access to important financial tools while adding 3.7 trillion dollars to emerging countries' GDP by 2025.

PhonePe is India's leading digital payments platform with over 230 million registered users while Ripple enables payments everywhere, every way for everyone using the power of blockchain.

( With inputs from ANI )