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Users

Are Payment Apps a Solution for Banking Inequality? Not Quite.

“As underbanked and unbanked consumers use payment apps to conveniently send cash to others, manage their money better, and access otherwise out-of-reach financial services, these tools can also come with costly fees, a lack of customer service, and cybersecurity risks. If left unaddressed, payment apps could further replicate offline inequality for unbanked or underbanked users.”