According to statistics, approximately 2 billion adults globally lack access to formal financial services. And, for the majority that can access these services, they are typically expensive, ineffective and cumbersome. Fortunately, change is in the air as the unbanked population adopts wallet-based payment solutions. The move towards a cashless scheme promises to place digital money solutions in the hands of those who have no access to a bank.
For the first time, cash is not the only option for the unbanked.
Today, this segment is able to send, withdraw, lend and spend money digitally without having to go through the stresses that come with cash-based transactions. For the unbanked population, this is a major leap from dealing with cash, which is often through unsafe means to save, borrow, lend or transfer funds. With a wallet, people can now easily tap a code at a contactless point of sale for instant payment, withdrawal or money transfer all over the world.
How is wallet providing financial solutions to the unbanked?
Wallet money brings ease and convenience. It provides the perfect way to offer financial services to everyone regardless of their location or income. With only a smartphone and an internet connection, anyone can start using these services to send or receive money.
Wallet money allows the unbanked to use their agents at a neighbourhood store to load money into the digital wallet app downloaded in their smartphone.
Mobile wallets help to increase the economic condition of the majority of the middle and lower middle class by improving efficiency in their services. This technology can bring about positive change for the unbanked population and bring forth new levels of political, technological and economic change. It enables the unbanked, regardless of their age, job status or income to see their balances, complete loan and bill payments, make deposits and withdrawals, remittances, and pay for goods and services, all from the safety and convenience of their mobile phones. All they need to access these services is to apply for it on their mobile phone and they will get a unique account number in less than 3 minutes. With wallet money, users don’t need a bank card to deposit or withdraw.
Other than that, the wallet money services will level the field for merchants with most having an interface for business owners to accept payments. This way, anyone from the corner barbershop to the largest grocery store, will be able to exchange money in a safe, secure and affordable digital environment. Wallets also eliminate the need for business owners to spend their precious time and resources travelling for long distances to collect payments.
Is wallet the solution for unbanked?
Yes, the wallet is the ideal solution that addresses this important gap. It is helping to fight financial inequality and bring financial services to those who don’t have access to a bank.
For many people across the globe, the convenience and security of established banking systems are out of reach, and that’s why most of them resolve to use expensive and sometimes, risky alternatives like hiding their money at home or check-cashing offices. Wallet money can help the unbanked by allowing them to create their own financial alternatives in a transparent, efficient and scalable manner. The progress that wallet adoption has brought about is expected to grow even bigger over time.
The cost of sending money to other countries from Thailand can be quite challenging and expensive. The good news is that we have DeeMoney, which is a leading money exchange and international transfer service in Thailand, that offers a simple, accessible and cost-effective solution for the unbanked population in Thai. With the DeeMoney app, the unbanked can save, withdraw and transfer funds to other countries all over the world all with a simple tap. The company provides some of the best money exchange rates in Thailand and is the only international money transfer service that offers free branch transfers through its DeeMoney app.