The U.S. Treasurye Department has launched a novel and unique smartphone app that is designed to make it easier than ever for people who receive federal benefits but don't count on a conventional bank account to stay on top of their balances and transactions.
There are around 5.5 million social security and federal benefit recipients who use a Direct Express Debit MasterCard wherein funds are deposited into their card even though many of them don't have bank accounts. However it turns out that over half of them do have smartphones, which is why it makes good sense for the U.S. Treasury Department to launch a mobile app that they can use to get information about their benefits and transactions.
Ultimately, the app makes it easier than ever for people to stay on top of their finances and also helps the Treasury Department cut down on the load of customer service work that it has to carry out with ill-informed users.
Why This Trend Is Growing
- Federal Benefit-tracking Apps
- Smartphone apps that help federal benefit recipients keep track of their balances and transactions.
- Mobile-payment Solutions for Unbanked Individuals
- Apps that allow unbanked consumers to receive and manage their funds via mobile payments.
- Digital Financial Inclusion for the Underserved
- Technologies that increase the accessibility of financial services to underbanked and underserved communities.
Industries Being Reshaped
- Financial Technology (fintech)
- Fintech startups that focus on developing solutions for unbanked and underbanked individuals.
- Government Agencies
- Government agencies that aim to provide better services for citizens through the use of mobile apps.
- Non-profit Organizations
- Non-profit organizations that are dedicated to improving financial literacy and providing financial services to underserved communities.
