Mobile Phones Key to Reaching U.S. "Underbanked" Consumers

There is good reason to believe that mobile devices could become a key means for "unbanked" consumers in U.S. markets to avail themselves of banking functions. The reason is the substantial use of mobile devices by "underbanked" consumers, according to Javelin Strategy and Research. 


Though mobile payments and mobile wallet efforts are seen as the bigger part of mobile financial services opportunities, there is a substantial opportunity to reach people who do not have checking or bank accounts.


Javelin defines the "underbanked" as U.S. adults without a checking account, while unbanked consumers do not have a banking account. 


There are an estimated 35 million U.S. adults (15 percent of the U.S. population) in those categories.