The banking world has suffered an approach to the internet
world. Change is coming, although slow and painful. This is because people are
already familiar with the old system, such as banking. But for the unbanked,
the old system is not very helpful. Therefore, we moved forward by accepting
payments that worked well in the physical world but have failed on the internet.
The time to change is usually when the return on investment justifies the
outcome.
Mobile Money
T-Mobile launched a program called Mobile Money in January which
acts as a prepaid Visa debit card attached to a T-Mobile account. The financial
institution in the background is Bancorp.
After a big underserved segment of the American Populace, Mobile
money is becoming bigger and bigger within the phone industries. The way this
w3orks is that a customer can add money to their phone account at the
correlating stores or link their paychecks to direct deposit into their
accounts. The goal is that people will be able to manage their accounts and pay
bills from their smartphones through app or web.
Carriers such as Sprint’s Boost Mobile were successful at
launching similar services of banking known as Mobile Wallet which held higher
transaction fees.
Sprint’s competitor, T-mobile, offers lower rates and flexible
prepaid services for those customers who are without access to standard banking
protocol. The flexibility makes the service stand out from Isis (the mobile
payments operator T-mobile founded alongside AT&T and Verizon) because
while Isis aims to keep customers using their phones in replacement of a debit
or credit card, Mobile Money is designed to give customers access to these
cards from the start.
Cash
Moving this idea of mobile based products or a spending card has
proven to be a challenge. Cash has surprisingly remained significant to all
segments as consumers prefer the perceived convenience of money rather than the
alternatives. Mobile Money’s goal is to make mobile payment products faster and
more convenient than what exists today and unfortunately, this is not yet the
case.
The antidote to the problem is Bitcoin. Bitcoin is a cash equivalent
system online or on apps that easily transmit payments via phone or Internet.
Bitcoin
Bitcoin is essentially internet money. Helping the unbanked, an
agency accepting Bitcoin or Mobile Payments, eChecks and Debit cards prove to
provide one more way to accept a payment that the customer can transact.
There are many cases that this not yet known way of internet
money has been received and customers are completely oblivious to it. They may receive
Bitcoins as a gift and be ignorant to the fact that they can make payments with
them because of the lack of knowledge on how to trade them for dollars. As a
solution to this problem, the logic would be to create a “Bitcoin Accepted Here”
account. For those who do not have this c\account, currently Coinbase.com as
well as Bitpay.com have a system where you can exchange Bitcoins for cash that
are deposited into your account.
This world is evolving into a more technologically based world
where there are 6.5 billon cell phones and only 1.5 billion bank accounts. In
order to help the unbanked, it is time to adapt.
Marcadis Singer, PA
Florida Collection Attorney
5104 South Westshore Blvd.
Tampa, Florida 33611
info @ marcadislaw.com
(888) 547-1881
(813) 288-1881
New Clients
Ext. 247 Gil Singer
Ext. 240 Ralph Marcadis
Existing Client Client Liaison
Ext. 242
To Pay a Claim
Ext. 245
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