There was a time when not having a bank account could severely limit what one could do financially. With the onset of debit cards and their proliferation, having a banking relationship is critical.
Those who don’t have bank accounts, whether it be checking or savings – are called unbanked.
The team at META 1 Coin saw the potential impact of its appreciating stablecoin going beyond giving people another digital coin to acquire or trade. Team members saw that its coin offering had ramifications that could change the way people bank.
Given the many financial outlets consumers have available to them now, it seems odd to think of the time when not having a traditional bank account spelled financial doom. The banking industry coined the term ‘unbanked’ to describe those who didn’t have checking and/or savings accounts.
Crypto outlets like META 1 began to study how their crypto plans could help those who didn’t have traditional bank accounts.
This is especially the case for people desiring to go unbanked. These people aren’t just those who can’t qualify to open checking and/or savings accounts at traditional banks.
In this piece, we’ll examine how cryptocurrency outfits like META 1 Coin are developing options for those who are unbanked. We’ll also explain this customer portal and the plans surrounding META 1’s debit card.
A Solution for the Unbanked
Whether it’s because of credit or financial issues, or simply because people don’t like banks, there is considerable interest in non-traditional banking options.
Bank4You Group published a piece stating that cryptos are:
“the perfect way to bring financial services to everyone, regardless of location or income. For those without access to good local banks, cryptocurrencies offer a solution.”
More than six percent of U.S. households, or a total 14.1 million American adults, are unbanked, according to the most recent FDIC survey of unbanked and underbanked households. The findings were released on March 31, 2021.
Recognizing the needs of these unbanked humans, the META 1 saw that it had to address the corrupt nature of the current banking system.
The META INVESTMENT BANK is meant to provide an alternative to what many see as a corrupt nature of the current banking system.
META 1 takes pride in its Investment Bank customer portal, stating that it is being designed to have all the functionality of traditional online banking. In addition, the client interface will provide the ability to buy, sell, and trade the META 1 Coin. Also, users will be able to send and receive digital assets to and from anyone, anywhere in the world nearly instantaneously.
META 1 Takes It beyond Crypto with This Tradition Banking Tool
The META 1 team also understood that the unbanked needed the same tools as those afforded those with checking and/or savings account. That includes debit cards.
Their solution? The META CARD.
The META CARD is a unique debit card that will be available to META EXCHANGE and META Investment Bank account holders. Account holders can exchange cryptocurrencies for US dollars and or euros in real-time to make non-crypto purchases.
META 1 touts its debit card as having the highest security available, with biometric fingerprint verification on the physical card. The card also features a card number that rotates every time it is used. That means every transaction has a new card number.
META 1 didn’t stop there. Its debit card is also backed by its Investment Bank, which sports an array of sovereign bank charters that are not a part if the Federal Reserve System.
Account holders will have access to a secure application for their smartphones that provides real-time use of funds in a dynamic fiat/crypto multi-currency economy.
The Generation That’s Welcoming Being Unbanked
Millennials and others who don’t want to be bothered with traditional banks are slowly, but steadily, gravitating towards crypto. The seemingly forever increasing fees and charges piled on by traditional banks are main drivers behind many cutting their ties with them.
Observers of millennials see the generation as trusting technology more than banks. One observer of cryptos even said millennials would rather go to the dentist than go into a bank!
META 1’s Goals
From 2017-2020, scandals plagued the crypto card landscape. For that reason, it is likely that some consumer trust may have been eroded. The writer noted that as people become less leery of cryptos, the competition in the debit crypto card space will get fierce.
Most are familiar with the flagrant, unchecked corruption that has happened in the banking industry. Big Bank, C-suite executives seemingly turned a blind eye to practices that lined their financial coffers, but ripped off their customers.
Think Wells Fargo.
The bank and individual execs had to pay millions of dollars in fines and settlements. The scandal exposed how the upper echelon at the financial institution set up fake accounts in their own customers’ names.
The team members at META 1 were also disturbed by this and they decided to use its platform to meet the needs of the unbanked. It sought ways to address the need of the unbanked. It made developing a safe debit card a priority.
The team decided to create the META Investment Bank as a Private Sovereign bank. This was meant to separate itself from the Big Banks in traditional banking system, which developed the bad reputation for being a part of a corrupt traditional financial system.
META 1‘s establishment of a private international jurisdiction is meant to make it one of the safest banking facilities in the world.
In another major way that stands out for its debit card is the rotating card number, which changes after every transaction. Offering that peace-of-mind is priceless.
META 1’s efforts to meet the needs of the unbanked should not be ignored. META 1 set its sights on developing a safe debit card. Its card differs from others in many ways. For example, with the META Investment Bank being a Private Sovereign bank, META 1 removes itself from being part of the traditional financial system many find to be corrupt. It has also been establish in a private international jurisdiction, which makes it one of the safest banking facilities in the world.
A contributing writer Forbes tackled the topic of crypto debit cards in 2020.
The writer proclaimed that crypto cards are an important financial tool for Blockchain mainstream adoption.