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.
As per the FDIC, 36 percent of the households in the state are underbanked
and unbanked households.
Regardless of the reason, most underbanked
workers don't realize how much money they're losing each month when they use alternative banking methods.
According to the Center, the report, which benefits from strategic input and financial support from Morgan Stanley, encompasses 22 financial product types utilized by over 68 m underbanked
consumers in the United States.
The FDIC conducted a pilot project in 2011 to determine the feasibility of offering these accounts to help meet the needs of unbanked and underbanked
In addition to collecting accurate estimates of the number of unbanked and underbanked
households in the US, the survey was designed to provide insights into their demographic characteristics and reasons why the households are unbanked and/or underbanked