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How Much Do Nonbank Transaction Accounts Improve Access to Digital Payments for Unbanked Households?

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  • Ying Lei Toh

Abstract

Nonbank transaction accounts—such as prepaid card accounts or accounts with online payment service providers—can help unbanked households make safe and affordable digital payments. But data suggest that they may not be sufficient to achieve digital payments inclusion. Less than half of unbanked households had these accounts in 2021; the rest either used paper-based transaction products or relied solely on cash.

Suggested Citation

  • Ying Lei Toh, 2023. "How Much Do Nonbank Transaction Accounts Improve Access to Digital Payments for Unbanked Households?," Payments System Research Briefing, Federal Reserve Bank of Kansas City, pages 1-9, November.
    • Handle: RePEc:fip:fedkpb:97529
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    File URL: https://www.kansascityfed.org/Payments%20Systems%20Research%20Briefings/documents/9919/PaymentsSystemResearchBriefing23Toh1129.pdf
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    References listed on IDEAS

    as
    1. Terri Bradford, 2020. "Neobanks: Banks by Any Other Name?," Payments System Research Briefing, Federal Reserve Bank of Kansas City, pages 1-6, August.
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