How Do Instant Payments Support Human Rights?
Instant payments refer to real-time or near-instantaneous transfer of funds between individuals or entities, often facilitated by modern payment systems and platforms. Did you know that these payment systems play a significant role in supporting human rights? Here are the various ways in which they achieve this role.
Instant payments make financial services more accessible to unbanked populations, making it possible for people previously excluded from the traditional banking system to participate in the economy. This financial inclusion supports economic rights by giving people the tools to save, invest, and secure their financial future.
Many employers use instant payments for efficient and timely wage disbursements. This helps to protect workers’ rights, ensuring they are paid fairly and on time. It also reduces the risk of labor exploitation, as workers can receive their wages without intermediaries taking a portion.
Instant payments are used for government social assistance programs, such as direct cash transfers to vulnerable populations. This helps alleviate poverty and supports the right to a living standard suitable for one’s health and well-being, as outlined in the Universal Declaration of Human Rights document.
Freedom of Expression and Assembly
Access to financial services, including instant payments, supports freedom of expression and assembly by enabling individuals and organizations to raise funds, support causes, and engage in social and political activities.
Refugee and Migrant Rights
For refugees and migrants, instant payments provide a secure and convenient way to receive remittances from family members or send money back to their home countries. This ensures these marginalized groups enjoy economic rights just like other people.
Data Privacy and Security
While ensuring that personal data and financial transactions are secure, instant payment systems contribute to the right to privacy and data protection.
Emergency Aid and Disaster Relief
In times of crisis or natural disasters, instant payments facilitate swift and efficient distribution of emergency aid and relief funds to affected individuals, supporting their right to life, security, and dignity.