Altair's Unbanked Solution
Serving the Unbanked and Underbanked
Unbanked (or under-banked / underserved) is the term given to the segment of the
population that choose not to have, or cannot get a regular bank account. Prepaid
cards form an excellent replacement for the surprisingly high number of unbanked
individuals globally, (e.g. circa 11 percent of the UK population are estimated
to be unbanked).
The prepaid cards are gaining momentum around the world as the optimal solution
for the unbanked community, as well as promoting financial inclusion for the cardholders.
Altair's enhanced functionality, including Internet account management and Altair
Mobile Payment System (
AMPS), ensures that our
product offering is as innovative and secure as traditional debit/credit cards.
The prepaid cards play an important role in ensuring that the unbanked are able
to enjoy the convenience and safety of paying with cards. Cardholders also benefit
from discounts when shopping online.
Altair's prepaid card solutions can be used at all retailers accepting debit
cards to pay for goods up to the value of the funds on the card. The card can be
topped up with funds as the cardholder's cash flow permits.
What are their benefits for the cardholder?
- The cards are interest free and allow cardholders to spend only what they have prepaid
onto the card. There is no need to have a bank account or undergo a credit check
to apply for a prepaid card.
- Cardholders can withdraw cash from ATMs globally and make payments to millions of
retail and online merchants.
- Cardholders can make payments for goods and services within a controlled limit up
to the amount on the card.
According to MasterCard® - PSEL April 2006, 18% of all spend on European open
loop (scheme branded card) prepaid cards can be attributed to the unbanked market.
According to Visa, the unbanked / underserved is estimated to be valued at 803 Billion
Euro, which includes payroll, basic banking, Government disbursements, youth and
remittance spend.
Source: Visa estimate (using Global Insight, OECD, Accenture, EvalueServe data)