Mobile banking for underbanked
The apps will provide mobile banking services to cardholders of Plastyc’s prepaid programme for the youth and underbanked, Upside Visa (view press release). The apps are compatible with Android and iPhone and enable cardholders to carry out mobile banking functions such as checking balance and transaction history, signing up for direct deposit, redeeming cash back points, paying bills, transferring funds and issuing paper checks. All sensitive data is encrypted through the app and spending transactions require a passcode for authentication.
“Over 75% of our customers have smartphones. Now, with these apps, our prepaid cardholders truly have the power of a bank account in their phones. Walking into a bank branch and even logging into a computer are no longer necessary for good banking,” said Plastyc CEO Patrice Peyret.
The apps are available for download from the Android marketplace and will be available in the Appstore in a few weeks.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more
