Special Report: Eighth Annual Underbanked Financial Services Forum

Lenders strive to bring underbanked consumers into financial mainstream.

June 10, 2013
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Alpesh Chokshi

Alpesh Chokshi, president of global payment options for American Express, holds up a receipt showing that it cost nearly $12 in fees to transfer $80 using traditional services available to the underbanked.

Chokshi explained how American Express partnered with Walmart to establish Bluebird, a prepaid card service backed by a mobile platform that offers an alternative to traditional deposit accounts.

Chokshi says the card is a perfect fit for nonbanked and underbanked consumers, a market where smartphones have an even greater penetration than among the affluent.

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