Who's the market for these products? Try the 17 million Americans who don’t have access to a bank account and the 43 million Americans who have a bank account, but who rely on “costly financial services providers, paying more for basic transactions and credit.”
The company also says that TIO Wallet customers will be in a better position to obtain “financial credibility” and gain access to loans and programs not currently available to the underbanked.
TIO is not the only company targeting the underbanked with a mobile wallet program. Dallas-based Mozido launched a mobile wallet program called Genius Wallet for the banked and the underbanked back in February 2012.
Financial consumers who resist using banks may want to give mobile wallet a good look. It may be their gateway into more stable, and more affordable banking and credit programs.