The world of finance can be complex sometimes. Even today, thousands of individuals across the UK do not possess a bank account for various reasons. This can make online buying difficult for these people, and following the Covid-19 pandemic, there is an increasing need to be able to complete settlements in a cashless manner. Being unbanked also impacts a lot of aspects of everyday life. For instance, one’s credit score can decrease if they pay their bills with cash since these payments are not registered by reference agencies. As such, they are unable to build up a good credit history. Other reasons contributing to people going unbanked are their age and inability to earn enough income. As we are moving into a world which is increasingly focused on digital finance, it will be important to cater to this group of individuals so that they are not left behind.
Photo credit: Mohamed hassan on
pxhere
Online buying is
difficult for those who are unbanked
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