How 5G Smart Phones Can Absorb the Marginalized Sections into the Formal Economy?

5G technology and 5G smart phones surely have made implementation of advanced technologies like artificial intelligence possible. However, there’s more to the 5G smart phone revolution- they have helped in bringing the marginalized and vulnerable sections of the global populations into the mainstream economy. Additionally, they have presented these sections with opportunities that weren’t available to them for years. 5G smart phones have thus been able to significantly bridge the gap between the “haves” and “have-nots".

Princy A. J | July 03, 2023

Without a doubt, 5G technology is one of the most path-breaking innovations of the 21^st century. Not only has it helped several sectors of the economy to rediscover their true potential, but it has also opened doors to make other advanced technologies implementable and accessible. It wouldn’t be an understatement, hence, to say that 5G technology is spearheading the digital and electronics revolution in the present millennium.

How 5G Smart Phones Can Help in Realizing Financial and Social Inclusion

The testing and research on 5G technology has been going since the first decade of the 2000s; several cellular technology companies and mobile phone manufacturing companies came forward to design and develop the software and hardware components necessary to make 5G technology a reality. Thus, we can access 5G technology because a compatible range of 5G smart phones is being manufactured. Major leaders of the electronics industry such as Apple Inc., Samsung Electronics Co. Ltd., Nokia Corporation, and Motorola, Inc., have released their flagship products which have exponentially expanded the global 5G smart phones market in the last few years. A recent report published by Research Dive highlights the scale of the 5G smartphone market; the market is, as per the report, expected to gather a whopping $13,633,254.80 million by 2032 and grow at a stunning CAGR of 94.0% in the 2023-2032 timeframe.

The increasing adoption of 5G smart phones across the world has surely laid the foundation for development and implementation of technologies such as Artificial Intelligence and Internet of Things, but at the same time, it has given a chance to the marginalized section of the society to enter the mainstream global economy. For all these years, the sweet fruits of globalization have been reaped by those who have been part of the formal economy. Naturally, there has been a huge divide with respect to the economic opportunities available to the marginalized vis-a-vis the affluent sections. 5G smart phones, by creating a level-playing field, can offer these vulnerable populations their deserved share in the economy.

Consider the case of UPI system in India; the payment interface allows Indian residents to send money to any recipient across the country. Though this facility is available on normal mobile phones also, the system is much more robust and smoother in the case of 5G smart phones as the internet connectivity is good and there is a less chance of failure of payments. Thus, 5G smart phones, by harnessing the power of 5G technology, allow Indian residents having a valid bank account to transact throughout the country without any extra charges and levies. This further the goal of financial inclusion which is very important in case of developing economies like India.

5G technology and 5G smart phones have also helped in democratization of knowledge. Prior to the birth of the Internet, education, in general, was the exclusive domain of the rich and upper middle-class sections of society. This divide was further exacerbated by the Covid-19 pandemic wherein physical schools and colleges were shut down and classes were conducted virtually through video conferencing. The role played by 5G smart phones in such a scenario was extremely significant as they provided the medium through which students could establish a communication channel to their educational institutions.

In Summary

Apart from supporting payment systems and offering a platform for distance education, 5G smart phones have also enabled the expansion of the e-commerce industry. Access to better commodities at reasonable prices has become possible due to the increasing adoption of 5G smart phones. From the seller side, 5G-enabled phones have aided manufacturers to gain access to a larger market and get better prices for their products. Moreover, farmers and agriculturists have benefited from adoption of 5G-enabled phones as it has become easier for governmental authorities to disseminate information to the grassroot levels. All in all, the vulnerable and marginalized sections of society have gotten their much-deserved chance to enter the formal economy, thanks to innovations like 5G smart phones.

About the Author(s)

Princy A. J

Princy holds a bachelor’s degree in Civil Engineering from the prestigious Tamil Nadu Dr. M.G.R. University at Chennai, India. After a successful academic record, she pursued her passion for writing. A thorough professional and enthusiastic writer, she enjoys writing on various categories and advancements in the global industries. She plays an instrumental role in writing about current updates, news, blogs, and trends.