This is in crucially short supply for SMEs in developing countries. On average, 38% of small businesses in low income countries rate access to finance as a major constraint on their operations, compared with only 14% of small businesses in high income countries.37 In other estimates, of the 360 million to 440 million formal and informal micro, small and medium-sized enterprises (MSMEs) in developing countries about half are unserved or underserved by the formal finance sector,38 especially by banks that dominate the sector today. This signals a relatively significant demand by SMEs and a financing gap. About 20% of MSMEs in developing countries use cash-on-delivery services as a means of payment for their e-commerce transactions, whereas in developed economies the use of cash payments is negligible.41 As for bank lending, although access to it is difficult for SMEs, those that manage to obtain finance do so mostly through banks.