Fintech has undoubtedly given millions of people access to fast, convenient and 24-hour banking and payment services such as Venmo, Apple Pay, PayPay and more. But these services only work if you have a bank account. Today it’s estimated that 1.7 billion people worldwide are entirelyunbanke...
The 2021 FDIC National Survey of Unbanked and Underbanked Households reported that 4.5% of U.S. households didn’t have a checking or savings account. Not having enough money to meet the minimum balance requirements was the most common reason cited for not having a bank account....
unbanked population online could boost GDP across all emerging markets by $3.7 trillion by 2025. Financial access empowers people to save securely, invest in health and education, manage unpredictable income flows, launch small businesses, and gain resilience against shocks - all crucial for ...
The global, multibillion-dollar remittance market is essential to billions of people, a large percentage of whom are unbanked. As the remittance process becomes more digitalised, it risks excluding its neediest beneficiaries, who rely on cash. By incorpo
Strategic partnerships have been emerging between banks and non-banks to make financial services more accessible and affordable for the unbanked. The financial service incumbents are leveraging fintech’s mobile financial services to connect with hard-to-reach audiences and minimise the reliance on cash...
Individuals are empowered via information to make educated financial decisions, which results in local economic growth. Reaching out to the unbanked and underbanked is one of the most difficult aspects of addressing financial inclusion. These are people who either do not have a bank account or ...
There are currently over two billionunbankedin the world. Decentralized financial infrastructures can help them access financial services that may otherwise be unavailable to them. Statista.comcitesthat high percentages of the unbanked come from countries with less stable economies. In some cases,...
How Do People Become Unbanked? Some people who are unbanked never owned a bank account to begin with. This is often a result of living in an area with no banks or with banks that weren’t welcoming to them. Some people become unbanked as a result of closing out a bank account elsewhere...
There are billions of unbanked orunderbankedindividuals globally estranged from the conventional banking system because of geographical remoteness or lack of documentation. Cryptocurrencies could allow these individuals to make transactions, save, and access credit. In addition, crypto tends to have lower ...
Digital money is similar in concept and use to its cash counterpart in that it can be a unit of account and a medium for daily transactions—it is treated the same as cash. For example, the dollars in your bank account are digital—banks no longer store physical cash for clients. When ...