Results for tag: "Unbanked"

The unbanked market refers to individuals and businesses who do not have access to traditional banking services. This can include those who are unable to open a bank account due to a lack of identification, those who are unable to meet the minimum balance requirements, or those who are unable to access banking services due to their location. Unbanked individuals and businesses are often forced to rely on alternative financial services such as check cashing, payday loans, and money orders. The unbanked market is an important segment of the banking industry, as it provides an opportunity for financial institutions to reach a wider customer base. By providing services to the unbanked, banks can increase their customer base and expand their services. Companies in the unbanked market include mobile banking services such as Venmo, PayPal, and Cash App, as well as prepaid debit cards such as Green Dot and NetSpend. Additionally, there are a number of companies that specialize in providing financial services to the unbanked, such as MoneyGram and Western Union. Show Less Read more