Waleteros, the mobile banking app for the underbanked, has officially launched on Google Play. The Miami-based startup offers a way for the millions of people in the U.S. who don’t use or have a bank account – of which Hispanics represent a disproportionate percentage – to use their smartphones as their banking solution.
To meet their financial needs, underbanked consumers go to check cashing stores, where they pay hefty fees to cash their checks, pay their bills, and send money to their families. A study by Nielsen found that Latinos rely significantly on their smartphones for digital access and are adopting smartphones at a higher rate than any other demographic group. The company saw an opportunity to offer these banking services digitally.
After completing a short registration via the app, users receive a Prepaid Debit MasterCard with no monthly maintenance, minimum balance, or overdraft fees. The card can be used to make purchases in stores, online, and to withdraw money from a network of thousands of surcharge free ATMs. Through the app, users can keep track of their transactions, remote deposit checks, and send money instantly to other users for a small fee.
Waleteros, who participated in the 2014 Venture Hive Miami Accelerator class, plans to release an iOS version of their app next month. Unlike other platforms for the underbanked, Waleteros cuts out the middle-man making it seamless to perform traditional banking transactions, without the hassle of dealing with a bank.
“We are Latinos living in the U.S. and we wanted to find a way to send money for less than $10. And guess what… we did much better than that! Thanks to Waleteros, now anyone, regardless of whether you have a bank account or not, can send money instantly, anytime, anywhere for only 75 cents!” – Etienne Gillard, Co-founder of Waleteros
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