The two billion people in the world without a bank account are forced to use cash. For businesses, this means there could be less revenue coming in the door because of those with only one form of payment.
One company that’s looking to shake up commerce for those without banks is Paris startup Snapay. With over 50 countries and six currencies on its app, this company is looking to move all unbanked people’s money onto their app, which is set to be launched this year on the Android and Google Play store.
While the company has not confirmed exactly how people’s cash makes it to them to help consumers use the app, Snapay’s Founder Elise Moussa is optimistic about its use.
“We want to put the control of money back into people’s hands by removing all the barriers. The current players are over-reliant on hardware or fragmented on device type, country or bank,” she said.