Cash-2-Digital Solutions

As of 2021, it is estimated that around 1.7 billion adults worldwide are unbanked, meaning they don't have a bank account or any other type of formal financial institution account. Additionally, many more individuals are considered underbanked, meaning they may have a bank account but still rely heavily on cash transactions due to limited access to other financial services and products. The term "cash economy" generally refers to a subset of the underbanked and unbanked population who predominantly use cash for their transactions. It's worth noting that these numbers are estimates and can vary depending on the data sources and definitions used.

• According to the Global Findex Database 2021, published by the World Bank, around 1.7 billion adults worldwide are unbanked. The report defines "unbanked" as those who do not have an account at a formal financial institution. (Source: https://globalfindex.worldbank.org/sites/globalfindex/files/chapters/2021%20Findex%20full%20report_chapter%201.pdf)
• The same report estimates that an additional 1.6 billion adults are considered "underbanked," meaning they have an account at a financial institution but still rely heavily on cash transactions due to limited access to other financial services and products. (Source: https://globalfindex.worldbank.org/sites/globalfindex/files/chapters/2021%20Findex%20full%20report_chapter%201.pdf)
• The 2020 FDIC National Survey of Unbanked and Underbanked Households, conducted by the Federal Deposit Insurance Corporation (FDIC) in the United States, found that 7.1 million U.S. households (5.4% of all households) were unbanked. This represents an improvement from the 2017 survey, which estimated the unbanked rate at 6.5%. (Source: https://www.fdic.gov/householdsurvey/2020/2020execsumm.pdf)
• The same survey found that an additional 16.3 million U.S. households (12.5% of all households) were underbanked, meaning they had a bank account but still relied on alternative financial services like check cashing, payday loans, or prepaid debit cards. (Source: https://www.fdic.gov/householdsurvey/2020/2020execsumm.pdf)

Since 2014, Michael Lasky has been dedicated to providing alternative financial solutions for the underbanked. He has spearheaded the development of innovative Cash-2-Digital platforms, such as Stashbox, as well as Cash-2-Cloud e-commerce solutions tailored to the unique needs of the cash economy. His work at Power Corporation involves developing cutting-edge B2B and B2C Alternative Finance solutions. For more information about these solutions, visit The Power Corp website.

ThePowerCorp.com 

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