Payments News

On The Web

nbsp;

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.”
nbsp;

Providers

PNC Launches Checking Account for Underbanked That Limits Fees

“PNC Financial Services Group Inc. launched a bank account that limits fees to help consumers facing financial pressures worsened by the pandemic maintain their access to banking services. The checking account, which has no charges for overdrafts or insufficient funds, will cost $5 a month, a company spokesperson said. It’s designed to hold on to […]
nbsp;

Users

Fintech: How COVID Affected Payments and the Underbanked | Hacker Noon

“The COVID-19 pandemic was a disruptor in the purest startup sense. The immediate shift to remote work, school, and socially distanced ways of life accelerated innovation by an estimated five years . Inequalities were laid bare across countless aspects of daily life, exposing some difficult truths. Among them: financial technology (fintech) and how developments on […]
nbsp;

Users

Helping Out the Unbanked and the Underbanked Filipinos Save for Their Future

“Cebuana Lhuillier Rural Bank, the banking arm of the Microfinancial Services giant, Cebuana Lhuillier and UnionPay International (UPI) have teamed up to launch the Cebuana Lhuillier 24K card – a new Debit Card designed to empower unbanked and underbanked consumers in the Philippines to afford financial mobility for their day to day lives.”
nbsp;

Users

NY Lawmakers Propose Electronic Payment Platform for the Unbanked

“More than one in four Americans lack adequate access to credit. Nationally, the Federal Deposit Insurance Corporation (FDIC) reports that 6.5 percent of households are unbanked and 18.7 percent are underbanked. How can this be remedied? One option that NPQ has covered would be to activate the US postal system to provide limited banking services, a practice […]
nbsp; nbsp; nbsp;

Users

How the Cashless Economy Shuts Out the Poor

“According to government data, close to 7 percent of American households have no one in them with a checking or savings account, while an additional 19 percent are considered “underbanked,” meaning that they rely on products or services outside the conventional financial system. These include money orders and payday and pawnshop loans. The majority of […]

On The Wires

nbsp;