Youtap /






The advancement and development of the digital wallet and the apps that support them have been a lifesaver for millions of unbanked and underbanked members of society. The digital wallet is beginning to address the fact this sizeable population is often overlooked and misunderstood. It is not that the unbanked and underbanked do not have a need; it is simply this need has been ignored by traditional financial institutions. Recent reports have suggested that this population reduces as local communities and financial institutions manage their demand for financial products. 

Globally, millions of unbanked are using mobile money technology every day. This use of digital wallets and payment apps has transformed financial product delivery to this community. From avoiding lengthy queues to providing a more secure way of making financial transactions, digital wallets create a way to provide services to this community, especially for those who cannot or do not want access to traditional banking services.  

Digital wallets are the future for cash disbursements. Digital wallets and mobile payment apps allow this significant minority to make payments, store funds, and transfer money to other accounts. They are more accessible, safer, and generally have lower fees. They provide:

  • features for digital onboarding, 
  • in-store and online payment, bill payment
  • remittance and domestic transfer
  • loyalty and rewards
  • companion cards for acceptance in-store, online and for cash disbursement through ATM

Digital wallets and mobile payment apps promote financial inclusion. A digital wallet significantly reduces the need for cash and decreases the real risks that the unbanked and underbanked face, including fraud, theft, and loss. In addition, a digital wallet allows and enables the unbanked and underbanked to become more fully functioning members of society.

The digital wallet also acts as a centralized information store, enabling customers to store personal data, such as birth certificates, drivers’ licenses, passports, health care numbers, and other personal information in electronic form, rather than physical documents.  

As more people become aware of the unbanked and underbanked and realize the relatively untapped, potentially lucrative opportunity they present, a range of services will be offered to capture this market. There is no technical reason why, in the 21st century, an unbanked or underbanked segment exists.

Leave a Reply

Recently Viewed

No data was found

Latest Articles

21 November 2023

How Number Portability Led to Money Portability, & How Money Portability Has Led to Banking Portability.

The premise of portability has transformed how we conduct ourselves in our daily lives and…

16 November 2023

The Sticky Path to FinTech Survival: The Importance of Loyalty-as-a-Service (LaaS).

In the ever-evolving world of financial technology (FinTech), survival and success are contingent on more…

15 November 2023

Demystifying Payments in FinTech: Payment Processing vs. Payment Orchestration.

The topographical processing of the financial technology (FinTech) industry is ever-evolving. Businesses and consumers are…

10 October 2023

What Best Describes Youtap’s Approach to Payments? Payment Orchestration or Payment Processing. There is a Difference.

In today's fast-paced digital economy, the way that we make payments has significantly evolved. The…

22 September 2023

Streamlining the Checkout Process: How Retailers and E-Commerce Platforms Can Benefit from Youtap’s Embedded Finance Options.

In the fast-paced world of e-commerce, the checkout process plays a pivotal role in shaping…

21 September 2023

Empowering Start-Up FinTechs: Leveraging Data-Driven Decision-Making and Data Analytics with Youtap’s Digital Platform.

In today's dynamic banking and financial landscape, start-up financial technology (FinTech) companies face numerous challenges…

Youtap Search