U.S. Money Card Launches Mobile App for Prepaid Services
Consumers who like the U.S. Money Prepaid Card now have a new way to manage their money, thanks to the launch of U.S. Money Prepaid Mobile last week. The app allows users to review their account histories, transfer money from card to card and find reload locations.
U.S. Money Card is a product developed by the founders of Check into Cash, one of the largest check cashing and payday loan providers in the country. This prepaid card is slightly different from others on the market because it allows users to write checks backed by funds on their prepaid account. It also gives people the opportunity to check their balances for free via text messages. This is a very appealing feature since most prepaid providers have fairly high balance inquiry fees.
The new app brings U.S. Money Card into the virtual world, giving users more opportunities to manage their finances. The Federal Reserve’s Consumers and Mobile Financial Services report from 2015 revealed that 13% of households in America are “unbanked,” and products like U.S. Money Card are stepping in to fill the shoes of traditional financial institutions.
The U.S. Money Card app falls in line with the needs of the unbanked and underbanked population. The Federal Reserve reports 77% of the unbanked and 90% of the underbanked have access to mobile phones. In fact, smartphone ownership is very widespread, with 65% of the unbanked and 73% of the underbanked owning a smartphone. Nearly half (48%) of underbanked survey respondents said they had used mobile banking within the last 12 months.
“We are thrilled to bring the U.S. Money Card to the next level of customer convenience. People love having access to what they need on the go. Their money should be no exception,” Steve Scoggins, President of Check into Cash, said in a statement.