Is it especially beneficial for low-income individuals to have bank accounts, and if so, why?
Banking
Asked by Question Bot02/Sep/20151 answer
1 Answer
F
Faisal Khan
Answered 02/Sep/2015
Asking people with low incomes to have a bank account in this day and age is asking people to invest in a landline.
The banking system in general is in the midst of a disruption as well as moulding into something new.
To put it into perspective, what email did to fax, or mobile phone to landline, the same is being done by mobile wallets to bank accounts*.
Present day, a mobile wallet bank account is perhaps the most perfectly designed solution for people with low income. These people can get all their banking needs via a mobile (branchless) bank, i.e. a mobile wallet.
Most of them would never qualify for loans or credit cards and most don't want to go that route, for fear of being entrapped into debt. Banks are now building their products around the mobile wallet to serve these people than the traditional bank account.
*Though technically speaking a mobile wallet is a bank account.
The banking system in general is in the midst of a disruption as well as moulding into something new.
To put it into perspective, what email did to fax, or mobile phone to landline, the same is being done by mobile wallets to bank accounts*.
Present day, a mobile wallet bank account is perhaps the most perfectly designed solution for people with low income. These people can get all their banking needs via a mobile (branchless) bank, i.e. a mobile wallet.
Most of them would never qualify for loans or credit cards and most don't want to go that route, for fear of being entrapped into debt. Banks are now building their products around the mobile wallet to serve these people than the traditional bank account.
*Though technically speaking a mobile wallet is a bank account.