A recent report by Capgemini found that 39% of the global population are still without a bank account. Of these unbanked, 15.6 million adults and 7.6 million children are in the USA.
Continuous efforts to increase the spread of cash alternatives are providing financial access in replacement of traditional accounts, yet recent statistics demonstrate the severity of the world’s least financially served:
- Only 53% of low and middle income countries have a bank account.
- Less than 30% of the population have a bank account in either the Philippines or Peru.
- Only 23% of global debit card owners use a card to make payments.
- Of those with a bank account, 15% reported making no deposit or withdrawal in the last 12 months.