Unbanked market is described as those without card and bank account, and yes they are still exist in some area even though we are living in the new era of golden rush. It is believed, that more than a third of the world’s adult population either use a little or no use at all of formal financial services. They are still a buyer, it's just that they might prefer to have cash in their hands rather than let it stay in account bank. If companies focus on this market too, they could generate more income.
Consumers can shop anything they want on the internet, but they always stuck on payment process when sellers start to ask them to fill in the card information. There isn’t much solution out there to cater for the mass consumer group, companies should cater to the unbanked customer’s demand by:
Offer cash for online purchases
It might sound strange at first but it's unexpectedly the current trend now in most online shops. Many companies have started to offer this kind of payment method for their customers. It’s one of the best ways that companies can cater to the unbanked market. Those who rely heavily on cash can easily make a transaction with no worries. Some might prefer to pay with cash since they are too afraid to share their card information online.
With this method, there is no more doubt for them to make an online purchase. Merchants who have an ecommerce store should work with payment gateway which offers this service, such as MOLPay.
The most powerful tool for a seller is to have mobile applications or social media as a platform for their customers to be reached. From there, companies can survey what customers want, their preferred payment method, their taste and many more. Just name it. Besides that, customers can easily reach out to sellers within a limited time.For the unbanked market, they prefer to do ‘’cash-on-delivery’’ for their purchases. With mobile application or social media, both the buyer and seller can communicate and set up a place to meet easily, as everyone now relies on mobile device more than anything else. The notification will pop up and both parties can be more alert as they will get notified with everything.
Provide special guideline
For the unbanked market, cash has always been the main system for transactions. Thus as a seller, the least way you can do to help them is by providing a special guideline on how to pay cash for online purchases. You have to make it clear for them, so no problems will occur during their checkout process.
Although it might be challenging to cater to the unbanked market, it is undeniably profitable if companies put the attention to them. There is always a way to fulfill their needs and expectations.