About 63 million people in the US are still underbanked1). This includes many tenants who still do not have access to traditional banking methods such as credit/debit cards or bank accounts. Many tenants are also having reduced access to existing lines of credit allowing cash to become the preferred way to pay their monthly rent. Cash payments give consumers piece of mind knowing their private information is never shared since identity theft and bank card fraud continue to be the two most pressing financial security concerns.
1) 2019 Federal Reserve Report: Household Use of Banking and Financial Services , Forbes: Cost of being unbanked or underbanked 2019
eCash benefits at a glance:
Karthik Manimozhi, CEO at RentMoola