Mr Schnepp emphasises that ultimately, the integration of America's unbanked population is in the broader interest.
Lack of trust in financial institutions remains a big hurdle for many of the unbanked.
The financial area is particularly interested in reaching the previously unbanked, via wireless technologies.
According to McKinsey, there are roughly 2.7 billion people who are unbanked or under-banked worldwide.
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Ms. MACIAS: It really benefits the unbanked individual - and that's good, that's good for everybody.
Perhaps this is why Hispanics remain the largest unbanked and uninsured community in America.
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The question as to why 7.7% of Americans are unbanked is linked to the past and the future.
This cuts into the income and assets of which the unbanked already feel they do not have enough.
Retail firms such as Walmart are picking up customers who might otherwise remain unbanked by offering them prepaid cards.
We recently announced our support of Finestrella, which provides innovative mobile telephony services to low-income and unbanked populations in Mexico.
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What will happen instead is that the higher-risk segment will be cut off entirely, including the unbanked and underbanked population.
Diarmuid Mallon of Sybase 365 said Dutch-Bangla Bank is a good example of the way banks are going after the unbanked.
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Some 89 percent of the adult population in Pakistan is unbanked and 62 percent use mobile-phone services, notes EasyPaisa spokesman Affan Haider.
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Eighty percent of the population is unbanked and enrollment in secondary and higher education lags well behind the rest of the world.
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In many communities throughout the country, consumers are unbanked or underbanked.
The unbanked often use expensive cheque-cashing services, and they have little access to cheap credit, forcing them to approach moneylenders for short-term cash.
Tapping into the country's prospering urban middle class and, more recently, its relatively unbanked countryside, ICICI has built its customer base up to 27 million.
The great push to serve the hundreds of millions of unbanked people, while noble, is just as experimental as Wall Street's adventures in subprime debt.
Along with Maria, 75% of the entire Mexican population is unbanked.
The unbanked do not have access to such luxuries as standing orders, which richer people use to overcome the temptation to spend whatever they earn.
Most of the unbanked, they argue, have chosen to exclude themselves.
Finestrella is striving to change the landscape of telecommunication services in Mexico by providing affordable, high-value postpaid mobile telephone service to the large unbanked population in Mexico.
Instead, the unbanked appear to be more comfortable with businesses that they have long used in place of banks, a variety of alternative financial service (AFS) providers.
Contrary to the thesis of anti-cashist David Wolman, the unbanked and the System D traders will not migrate away from cash unless its replacement offers similar privacy features.
In the cities, banks maintain branch networks which serve the middle class and high net worth customers, said Mallon, although the cities also have a high percentage of unbanked people.
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Today, there are more than 100 mobile money deployments worldwide, enabling millions of unbanked and under-banked consumers to pay bills, buy airtime and goods, and send money to relatives living far away.
If banks are not making a lot of effort to court even the middle-class consumer, you can be sure the issue of serving the unbanked will not be addressed for a long time.
Check-cashing storefronts, the financial institution of last resort for the millions of Americans who lack bank accounts (the so-called "unbanked"), are drawing scrutiny for usurious lending practices and are being forced to reform.
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