Almost every third person in the U.S. is frustrated by paying high fees for a bank account.
Cash continues to be the most utilized method of payments in the U.S.
Having personal, credit card or financial information stolen by hackers is a major concern for most Americans.
1 Federal Reserve Report: Economic Well-Being of U.S. Households in 2019, 2Ibid
3Source: 2019 Federal Reserve Reprot “Diary of consumer Payment Choice“
4Source: 2010 Unisys Report 2020 “Infinancial Services Customer Securtiy Concerns“
Government entities need to keep cash as an important payment method to pay for utilities, taxes, traffic tickets, and other government or municipal transactions. In COVID-19 times, digitization of cash is even more relevant to drive financial inclusion and provide cash payers with a vast walk-in payment network.
Cash payments give cash-based citizens the security that they can pay for their bills on time, even if they do not have a bank or credit card or simply do not want to disclose their financial data online. Government entities will decrease their timeline with account receivables and reduce risk of chargebacks and fraud possibilities with the acceptance of Paysafecash.
eCash benefits at a glance: