VoltCash provides a reloadable debit card solution that enables retailers to offer instant access to banking services for unbanked and underbanked consumers, facilitating cash-to-card and check-to-card transactions with real-time funds availability. This program addresses the financial inclusion gap by allowing migrants to access digital financial services without traditional banking requirements, using a mobile application for easy account registration and activation.
Funding
$1.5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many unbanked and underbanked individuals, particularly retail migrants, lack convenient access to digital financial services due to the requirements of traditional banking systems. This exclusion limits their ability to participate in the digital economy and manage their finances efficiently.
Solution
VoltCash offers a reloadable debit card program that provides unbanked and underbanked retail migrants with immediate access to banking services through a "phygital" approach, combining physical retail locations with a mobile application. Customers can register and activate card accounts easily, even without a Social Security number, using alternative identification documents. Participating retailers facilitate cash-to-card and check-to-card transactions, providing real-time funds availability for approved checks. The mobile application enables mobile banking, access to the digital economy, interactive retail locator services, and electronic remittance transfers.
Target Audience
The primary target audience is unbanked and underbanked retail migrants in the United States who require accessible digital financial services. Participating retailers also benefit from increased customer traffic and commission opportunities.
Features
- Easy card account registration and activation via a mobile application, accepting foreign passports, matricula consular, or Mexican INE as identification.
- Check-to-card loading with real-time funds availability for approved checks under a check guarantee service.
- Cash-to-card loading and unloading services at participating retailers.
- Interactive retail locator within the mobile application.
- Electronic remittance transfer capabilities.
- Plug-and-play hardware solution for retailers.
- Transactional reports for management and regulatory purposes.