Adoption of Digital Payments App on the Rise Among Hispanics and Other Immigrant Populations As Physical Bank Branches Decline
MIAMI, FL / ACCESSWIRE / March 30, 2022 / As immigrants make up an increasingly large share of the U.S. population over the next two decades, Cuentas, a leading fintech provider of mobile banking, digital wallet and payment solutions serving Hispanic and Latino communities is filling a critical gap for these consumers.
Early this year, Cuentas started a major Latino and Hispanic outreach campaign in southern California, where Census data shows that more than 30 percent of the population is Hispanic, and in Los Angeles County, the proportion increases to 48 percent. Cuentas is set to expand its presence across the southern US - from California to Florida - by year's end.
A recent report by Perch Perspectives notes that the U.S. population shift is driven primarily by migration from Latin American countries to the U.S. And, as the Hispanic population of the U.S. grows, it is increasingly underserved by available financial services, creating a unique opportunity for innovative fintech companies. The need for affordable banking, check cashing, and international remittance services for the more than 7 million U.S. Hispanic households that are unbanked - and the millions more that will arrive in the U.S. in the coming years - has created a unique opportunity in the U.S. market.
The report also suggests that the underbanked, immigrant, and Hispanic population of the U.S. has gone largely unnoticed by major players in the fintech space, and traditional banks are not equipped or incentivized to capitalize on this opportunity.
According to the Federal Reserve Bank of St. Louis, the number of physical bank branches peaked in the U.S. in 2009 and has declined approximately 11 percent since then.
Cuentas is the only company focused on a narrow but well-defined opportunity in the Hispanic population in the U.S and its card and app services are designed exclusively with this population in mind.
Cuentas recently integrated Western Union's domestic and international money transfer capabilities into the Cuentas mobile banking app, allowing Cuentas account holders to send up to $500 to more than 200 countries and territories worldwide for $4.99.
"Cuentas' banking and payments services are built to increase access to affordable, digital financial services and provide a trusted source for banking and other financial services," said Jeff Johnson, Cuentas CEO. "By driving the cost of banking and remittance fees down, we're increasing financial inclusion for millions of unbanked and underbanked immigrants across the US."
Cuentas also offers Amazon Cash at a 3% discount to its account holders. Cuentas allows individuals to sign up with a Matricula Consular as secondary identification (an ID card issued by the Mexican government) along with SSN or ITIN (Individual Taxpayer Identification Number).
Available in the Apple App Store and the Google Play store, the Cuentas App is the convenient mobile banking app that gives consumers access to their money, their way. Cuentas cardholders can send money to other Cuentas cardholders with no fee, access exclusive cardholder discounts and get access to their money up to two days faster when they directly deposit their wages or government benefit checks.
About Cuentas
Cuentas, Inc. (NASDAQ:CUEN)(NASDAQ:CUENW) is a fintech e-banking and e-commerce service provider with proprietary technology that delivers digital financial services to the underbanked and un-banked Hispanic, Latino and immigrant populations including mobile and online banking, prepaid debit, ACH and mobile deposits, cash remittance, peer to peer money transferring, and other services. The Cuentas General Purpose Reloadable (GPR) Card includes a digital wallet, discounts for purchases at major physical and online retailers, rewards, and the ability to purchase digital content. For more information, visit https://cuentas.com.
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SOURCE: Cuentas, Inc.