People who do not have bank accounts. Also called the "underbanked," such individuals rely on non-bank check cashing, payday lending, money order, and money transfer services for their financial transactions.
PaySwag, a mobile app by CET that works on improving the payment experience for the underbanked, is integrating Sionic Mobile's ION Commerce Engine (ICE) to enable the loading of cash into a mobile wallet, allowing app users to pay for purchases with their phones and instantly earn rewards via the Mobile Rewards MarketplaceTM which includes more than 100,000 retail locations.
Customer Engagement Technologies' mobile application simplifies the collections process for underbanked consumers, businesses and governments by allowing cash or card payments and offering reward, education and feedback engines.
The study, which is the most comprehensive survey to date of the unbanked and underbanked, reveals that more than one quarter (25.6 per cent) of all households in the United States are unbanked or underbanked and that those households are disproportionately low-income and/or minority.
2 November 2012 --The U.S.-based Center for Financial Services Innovation and Core Innovation Capital said they have released their second annual underbanked market sizing brief, which illustrates the range of opportunities for institutions seeking to develop affordable financial solutions in the marketplace.