With the COVID-19 pandemic creating unprecedented challenges to conducting commerce, customers need safe, secure, and reliable payment options that allow them to make purchases online or over the phone. E-commerce has skyrocketed during the pandemic. But concerns about unemployment and ability to pay monthly household bills have as well.
Adding to the financial crisis, in the US there are approximately 60 million financially underserved consumers who either do not have bank accounts or elect to conduct basic financial services through alternative providers. These consumers pay more than $1 billion annually in check-cashing fees and rely heavily on cash for every-day transactions. For these underbanked consumers, prepaid products from companies like Visa, offer a secure and convenient way to access funds quickly, negating the need to cash a check in person. Award-winning journalist and consumer expert Claudia Lombana will explain the process and offer tips on spending relief for all.