Today's society can enjoy previously unimaginable amenities: online shopping, delivery services, payments through NFC technologies, international credit cards, crypto-coins and many other facilities.
The problem is that not everyone in the world has access to such services. According to the Bill and Melinda Gates Foundation, an estimated 1.7 billion people worldwide are excluded from formal financial services such as savings, payments, insurance and credit. In developing economies, only 63% of adults have bank accounts. Women are excluded from these beneficial financial systems more often.
Most poor families operate almost entirely through an economy based on traditional money. This means that they have to economize on physical assets such as items that may have value and that can be converted into cash when necessary or possible.
In addition to the ease in spending (or losing or even being stolen or stolen) the physical money notes, the biggest factor of greatest concern is that this form of "savings" does not generate interest and can easily lose value over time, mainly in countries with high interest rates.
To send money to the family, those without a bank account have to rely on couriers or friends who carry money physically, which is expensive, insecure and slow. To lend money in an emergency, they must resort to moneylenders who charge notoriously high interest rates.
Without formal financial history (positive registration), people also lose the opportunity to receive credits like real estate financing or even to start a new business, even if small. In addition, it becomes much more challenging to face common financial setbacks such as illness, domestic problems, or unexpected expenses. Often, financial exclusion makes it difficult to overcome poverty.
References: https://www.gatesfoundation.org/What-We-Do/Global-Growth-and-Opportunity/Financial-Services-for-the-Poor