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by alwa
295 days ago
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What on earth would lead you to conclude that unbanked households don’t use online services? I can’t imagine any possible set of starting assumptions that would lead there, short of fairly cartoonish assumptions about the demographics the FDIC pointed out at that link. Even within the unbanked households, the FDIC link points out that 1/3 use online non-bank services instead. And independently of that, it makes sense that even cash households might interface with online commercial activity: pick up gig work through DoorDash or UberEats or whatever; get paid out through a neighborhood informal-cash-service operator (multiservicio, hawala, guy who informally cashes out undocumented drivers). Or through opening a Venmo or CashApp account instead of a bank account. That leads to a slightly stronger form of the claim: that those 5.6 million are likely to have undergone KYC/AML through other, non-bank financial providers… But even then, why should a bank account be connected to whether or not you’re an adult in society’s eyes? |
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