Comments on: When check-cashing goes mobile http://blogs.reuters.com/felix-salmon/2013/06/07/when-check-cashing-goes-mobile/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: ccdiane http://blogs.reuters.com/felix-salmon/2013/06/07/when-check-cashing-goes-mobile/comment-page-1/#comment-47350 Fri, 14 Jun 2013 14:33:13 +0000 https://blogs.reuters.com/felix-salmon/?p=22011#comment-47350 My bank lets you immediately deposit a check into your account by taking it to a UPS store. No fee, and the check can be personal. You need to use your debit card, and the money goes directly to that account.

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By: Jer-Trihouse http://blogs.reuters.com/felix-salmon/2013/06/07/when-check-cashing-goes-mobile/comment-page-1/#comment-47293 Sun, 09 Jun 2013 00:55:08 +0000 https://blogs.reuters.com/felix-salmon/?p=22011#comment-47293 WE conducted a survey in 5 payday loan locations during April, 2013. 2 stores are in Dallas and 3 in Los Angeles.

Every customer who walked into one of our stores was asked one question, “Do you have a smart phone?” NOTHING else was asked! Nothing!!

62% answered, “Yes.” Of these, 12% asked us to elaborate on the definition of a “smart phone” before answering. Nearly 3% did not want to answer our question.

Without giving away too much, we asked more than 5000 “walk-ins.”

Jer – Trihouse

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By: Jer-Trihouse http://blogs.reuters.com/felix-salmon/2013/06/07/when-check-cashing-goes-mobile/comment-page-1/#comment-47292 Sun, 09 Jun 2013 00:54:14 +0000 https://blogs.reuters.com/felix-salmon/?p=22011#comment-47292 WE conducted a survey in 5 payday loan locations during April, 2013. 2 stores are in Dallas and 3 in Los Angeles.

Every customer who walked into one of our stores was asked one question, “Do you have a smart phone?” NOTHING else was asked! Nothing!!

62% answered, “Yes.” Of these, 12% asked us to elaborate on the definition of a “smart phone” before answering. Nearly 3% did not want to answer our question.

Without giving away too much, we asked more than 5000 “walk-ins.”

Jer – Trihouse

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By: Auros http://blogs.reuters.com/felix-salmon/2013/06/07/when-check-cashing-goes-mobile/comment-page-1/#comment-47286 Sat, 08 Jun 2013 02:51:13 +0000 https://blogs.reuters.com/felix-salmon/?p=22011#comment-47286 If I was going to guess on the variable that correlates most with smartphone ownership, I’d go with age. I’d expect very low ownership below about 13, then climbing incredibly fast til it’s ubiquitous at maybe 19, then trailing off slowly until it gets very low again for the very-elderly (say, 80+).

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By: JTRoth http://blogs.reuters.com/felix-salmon/2013/06/07/when-check-cashing-goes-mobile/comment-page-1/#comment-47285 Sat, 08 Jun 2013 02:46:58 +0000 https://blogs.reuters.com/felix-salmon/?p=22011#comment-47285 “It’s a depressing yet undeniable fact that paper checks aren’t going anywhere, in the US.” I’m curious, I often see this sentiment. Why is it “depressing”? Paper checks obviously work here and seem to fill a need. It certainly makes it easy for me to pay my housekeeper and gardener.

The only alternative available at this point is to keep a lot of cash around, which means lots of errands to go GET cash. Why would doing that be less depressing?

How do folks in other countries handle that? Why are the other solutions to the problem “better” than the one we are using ? In my two personal examples, neither of them want or are able to take Paypal – what with the fees and “techiness” requirement.

I particularly note that the tech infrastrucure has gotten to the point that most checks clear overnight, and the paper itself stops at the latest at the bank of deposit, and more and more often before that. More and more merchants, including small operations like sole proprietor professional offices, are using deposit scanners or the new smartphone deposit apps.

So – I ask again – what is the problem that is depressing you? And what solutions would you like to see (with what tradeoffs)? I’m genuinely curious.

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By: realist50 http://blogs.reuters.com/felix-salmon/2013/06/07/when-check-cashing-goes-mobile/comment-page-1/#comment-47283 Fri, 07 Jun 2013 20:59:28 +0000 https://blogs.reuters.com/felix-salmon/?p=22011#comment-47283 Pew has more details that I’d realized regarding income. Pages 4 and 5 here – http://www.pewinternet.org/~/media/Files  /Reports/2013/PIP_Smartphone_adoption_2 013.pdf . 43% of all households with annual income less than $30k, and 77% for 18-29 years old in households with annual income less than $30k.

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By: realist50 http://blogs.reuters.com/felix-salmon/2013/06/07/when-check-cashing-goes-mobile/comment-page-1/#comment-47282 Fri, 07 Jun 2013 18:52:58 +0000 https://blogs.reuters.com/felix-salmon/?p=22011#comment-47282 @Felix – thanks for clarifying. That sounds reasonable, and I should have assumed that someone at a conference for the unbanked would have done the market research to make that determination.

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By: Zdneal http://blogs.reuters.com/felix-salmon/2013/06/07/when-check-cashing-goes-mobile/comment-page-1/#comment-47281 Fri, 07 Jun 2013 18:36:32 +0000 https://blogs.reuters.com/felix-salmon/?p=22011#comment-47281 For example, my parents and brother have super dumb phones, but all of them have laptops and my parents each have an ipad mini. They just like to have their phones be just phones.

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By: flaxter http://blogs.reuters.com/felix-salmon/2013/06/07/when-check-cashing-goes-mobile/comment-page-1/#comment-47279 Fri, 07 Jun 2013 17:26:41 +0000 https://blogs.reuters.com/felix-salmon/?p=22011#comment-47279 Nice piece. Do we now have to worry about the possibility of (no doubt usurious) payday loan mobile apps?

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By: FelixSalmon http://blogs.reuters.com/felix-salmon/2013/06/07/when-check-cashing-goes-mobile/comment-page-1/#comment-47277 Fri, 07 Jun 2013 16:57:54 +0000 https://blogs.reuters.com/felix-salmon/?p=22011#comment-47277 Smartphone ownership does have *some* correlation with income, but it’s not a simple positive correlation. If you don’t have a computer or broadband, for instance, then it becomes even more important to have a smartphone and the connectivity it provides. Basically, smartphones are higher up the hierarchy of needs for the underbanked than they are for the banked. And so although they have less money, they are often more likely to have a smartphone.

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