Problem Statement

The problem of being unbanked affects 2 billion people in the world, the impact of which is that they have no access to credit, insurance, savings, and payments.

Compelling Stories

I found the following links about un/underbanked American families– I hope that my teammates find sources on non-American sources.

7% of American families are unbanked and 20% are underbanked, according to the FDIC. 57.4% of unbanked respondants say that one reason for being unbanked is that they do not have enough money to keep in an account. Other reasons given include privacy, not trusting the banks, and account fees being too high or unpredictable.

Amazon, recognizing that being unable to access credit/debit cards to use their service is a problem, is starting a new service to convert Cash to Amazon currency

Many American companies are now using payroll cards to pay their employees, and if they do not have a bank account, they must pay fees to withdraw their money.

It costs American households $40B a year total for using cash, mostly because of the time to go get cash.

System Diagrams

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