“Virie Market can meet the needs of the unbanked.”
While many countries are now fully developed, and many people treat banking as a part of their daily living, there are still around 2 billion people around the world who are deprived of the traditional financial services meaning, they are unbanked. According to Investopedia, unbanked is an informal term for adults who not use banks or any banking services in any capacity. These are the people who usually use cash for their transactions. With that massive number of unbanked people in the world, unbankedness has now become a global challenge.
But what really are the root causes of this? Let’s find out.
· Poverty – According to a report from the World Bank, 75% of these unbanked people live in poverty, who are usually in locations where there are no banks. Since that is the case, most of them are also unemployed or underemployed. For people suffering from poverty, bank fees are too high, added to the fact that to get to the nearest bank, they will have to spend a good amount of travel time, which they could use for earning money instead. These factors of poverty make it difficult for them to afford basic bank services that usually require capital or an initial deposit.
· Smartphones – With the rise of the popularity of smartphones comes the rise in the demand too, which drops their prices at an unbelievable rate. Many of these smartphones available in the market today are well under $50 only, and if they are second-hand, the price will definitely be much lower than that. This also comes along the rise of many networks offering data access 24/7, even in the locations where there are no banks. For example, in the Philippines alone, the internet providers offer as low as 15 PHP for data access valid for 2 days. That is just equivalent to .30 cents or lower. They can reach even very far provinces. This being said, the absence of the banks and the presence of smartphones allow people to use other methods of financial services that they can access online.
· Efficiency and convenience – While many of the unbanked people are truly financially challenged, not all of them are. Some of them just don’t like the inconvenience and inefficiency of the traditional banking system. According to the World Bank, 355 million unbanked people prefer to do their transactions, such as paying their bills, remittances, tuition fees, etc., using cash.
All these and more are causing the further withdrawal of people from the traditional financial systems and a loud cry for more user-friendly and flexible financial systems.
The solution - Virie Market
While people in the crypto space are talking about cryptocurrencies and digital wallets as the solutions for the needs of the unbanked, a group of believers in the idea of a free market created a robust blockchain product specifically designed for mass consumption, Virie Market. That said, it will meet the needs of the unbanked regardless of race, color, age, gender, or even financial status. People who cannot afford high fees from traditional banking and financial systems will never have to experience it with Virie. As long as they have internet access (or data access), a smartphone (computers for those who can afford it), and electricity, they will be able to do any kind of transactions and payments in the Virie Market with absolutely the lowest fee, anywhere in the world they may be.
And for those whose needs are for a convenient and efficient financial system, Virie Market can most certainly meet it. The platform has the most user-friendly interface in the market today. Just one look at it, you’ll know it’s professional and so pleasurable to work with, you don’t even have to be a geek. All transactions are processed in just a few clicks and a few minutes. All you have to do is download it here, and you’re all set to begin your journey to financial freedom.