Take the Unbanked Market to Your Side

This is not merely a title, but a calling for all of you.

By now, you would probably be wondering what unbanked market means and why is it that important?

Unbanked market is a population that was out of reached by the financial system, mainly because they are considered as low-income market. The unbanked market has always been invisible by the banking industry until recently, where their potential is being acknowledged.

Based on the study of Ernst&Young , “The World Bank estimates that 56% of Malaysians without bank accounts”. So, how do we capture these unbanked individuals? How do we provide a payment method that covers the population without a debit card, credit card, or even a bank account, especially for online transactions?

“The solution is simply to let them pay with cash as an alternative to their inability to pay with bank-related options.”

Capturing another source of potential customers is an important step for online business owners. By adding the ability to take cash as a method of payment, you will be expanding your market base as well as improving the convenience of your online store.

Can you imagine the possibilities of capturing the unbanked market?

Say you make an average sale of $150 within your e-commerce site. Assuming that you have 6000 potential customers per month, 20% of which can’t make transactions because of payment option issues. By this simple example, you may see that your revenue will increase by at least $2,160,000 per year.

What are you waiting for? The time is perfect to sell digitally and let your customers pay traditionally..