San Francisco Chronicle
May 1, 2012
New York, NY (PRWEB)
Mobile banking and payment capabilities are critical to the underbanked according to Plastyc CEO Patrice Peyret, who will join industry experts from the Center for Financial Services Innovation (CFSI) and Citibank in a panel session on the topic today at the Payments 2012 conference in Baltimore, MD.
Over 75 percent of people who have accounts with Plastyc's iBankUP and UPside Visa prepaid services, which are tailored for young and underbanked customers, have smartphones and use them frequently to make payments, load cash, confirm direct deposits, check balances and more. Customers also set alerts on their smartphones to warn when balance dip to a certain level or when payments arrive.
"While mobile payments are a nice-to-have for people with fat bank accounts, they are a must-have when you need to watch your finances more carefully," said Peyret. "Small screens can have a big impact on the underbanked."
"Phone apps make my banking even better because I don't have to go to the ATM or find a computer to check my account," said UPside Visa customer Ronald Williams from Merritt Island, Florida.
In the session -- titled "Can Mobile Devices Be Used to Better Serve the Underbanked? -- panelists will explore opportunities for serving underbanked consumers through mobile channels. The discussion, scheduled for 1:30 p.m. today, will include findings from a recently published CFSI white paper: "Compass Principles: Guiding Excellence in Financial Services".
Payments 2012, hosted by NACHA, the Electronics Payment Association, is the largest and most comprehensive payments educational event of its type - drawing decision makers and innovators from throughout the payments value chain. More than 2,500 professionals from organizations that are actively driving change and adoption of electronic payments are expected to attend.