PORTLAND, Ore., June 20, 2023 /PRNewswire/ — The Smart Pay Kiosk is an innovative solution that provides a full array of financial services to the unbanked and underbanked populations. Approximately 63 million US adults (22%) were either unbanked (6%) or underbanked (16%), per 2019 Federal Reserve data. Unbanked individuals lack bank accounts due to past financial problems, mistrust in banks, or failing to meet balance requirements. Underbanked individuals use a bank account but also rely on alternative financial services.
These individuals often use services such as check cashing, bill payments, and money orders. These services may seem affordable but lead to high costs over time – $189 billion in fees and interest in 2018, or $3,000 per person annually.
TIO Networks, a leading bill payment processor, processed over $7 billion in payments in 2016 for 14 million accounts through 65,000 locations and 900 kiosks. TIO demonstrated significant potential demand among the underserved, but was shut down over security concerns. Smart Pay plans to serve these customers with a more robust and secure technology platform, providing bill payment, check cashing and money transfer services through partnerships with third-party providers.
Strengthening its industry presence, Smart Pay Kiosk has partnered with Maya Labs, known for financial applications and regulatory compliance, and Genmega, a manufacturer that has deployed over 150,000 financial kiosks since 2006.
Aiming to transform customer experiences in busy retail areas like check cashing stores and mini-marts, Smart Pay Kiosk leverages advanced technology to provide essential services and cost savings. It also boosts store traffic, revenue, and customer loyalty. Currently, Smart Pay Kiosk presents an exclusive investment opportunity on the Castle Placement Crowdfunding Platform.
For media inquiries,
info@SmartPayKiosk.com
For investment inquiries,
https://castleplacement.com/portfolio/smartpaysolutions
Smart Pay Kiosk:
Smart Pay Kiosk is an innovative self-service platform for the unbanked and underbanked. It offers a variety of financial applications, through partnerships with leading software and manufacturing companies. Its mission is to revolutionize financial services, benefiting customers, store owners, and investors.
Castle Placement:
Castle Placement is a top-tier Private Capital Investment Bank. It has connections to over 600,000 accredited and 64,500 institutional investors including private equity, venture capital, family offices, pension funds, and more. Established in 2009, it combines its investment bankers’ personal relationships with a robust, data-driven technology platform.
Web: www.SmartPayKiosk.com
Email: info@SmartPayKiosk.com
Tel: 971.200.5148
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SOURCE Smart Pay Kiosk
