Banking Up commits to fostering the free self-enrollment of un(der)banked workers into a choice of carefully selected General Purpose Reloadable ('GPR') Prepaid Cards with which they will be able to either receive their wages electronically via direct deposit or will be able to photo-deposit paper payroll checks using camera-equipped smartphones.
Banking Up will build and host a nationwide web portal intended for both employers and employees, where: employers will learn how to use GPR Prepaid Cards obtained by employees to distribute salaries, and can download ready-to-print explanatory fliers for their employees; and employees will learn the benefits of getting a GPR Prepaid Card to receive wages from one or several jobs, and will choose among a handful of selected GPR cards issued by mainstream reputable issuers to sign up for.
Banking Up has seven years of experience delivering technology and services to offer checking account alternatives to underbanked populations based on prepaid cards. Banking up operates online and mobile portals for large prepaid card portfolios.
Partners will provide: a choice of suitable prepaid cards; financial advisory services for employers interested in delivering additional benefits to their employees; and marketing outreach to employers across the country.
- Q1 of Commitment: start developing website portal, hire marketing resources, negotiate with prepaid card suppliers and other partners, start pre-launch online marketing effort
- Q2: complete & deploy website portal, online marketing push for portal launch, attend first industry tradeshows to build awareness among employers
- Q3-Q5 continue deployment, marketing and operations with goal of reaching 25K active employees through 1.400 employers by end of 1st year of active deployment
- Q6-Q9: continue deployment, marketing and operations with goal of reaching 100K active employees through > 4.500 employers by end of 2nd year of active deployment
Almost none of the 1.2 million Small and Medium- size Businesses of less than 1,000 workers (as identified by the Bureau of Labor Statistics) offer payroll cards to pay their unbanked and under-banked employees. When they have no checking account into which their payroll could be electronically wired or into which their paper payroll checks could be deposited, employees waste time and money going to check cashers every pay period.
This Commitment seeks to give un(der)banked employees a fast, convenient, and low-cost way to access their wages without going to check cashers any more, while allowing employers to keep their payroll system completely unchanged.