Digital Currency – Platform distributed to schools making them “banks”
After meeting with our professors via Skype, we concluded to 3 different financial sections in which we explored and talked about.
- Access to Digital Currency
- Data collection
- Financial Literacy
We have decided to focus on Access to digital currency, or a platform to digital currency, using schools.
The problem of being unbanked affects 2 billion people in the world, the impact of which is that they have no access to credit, insurance, savings, and payments.
(we are focusing on savings and payments)
7% of American families are unbanked and 20% are underbanked, according to the FDIC.
“Do not have enough money to keep in account”
“Avoiding bank gives more privacy”
“Don’t trust banks”
“Account fees too high/unpredictable”
“Of the unbanked participants in the 2015 survey, 57.4% responded that one of their reasons for being unbanked was that they “do not have enough money to keep in an account”.”
Amazon, recognizing that being unable to access credit/debit cards to use their service is a problem, is starting a new service to convert Cash to Amazon currency
Many American companies are now using payroll cards to pay their employees, and if they do not have a bank account, they must pay fees to withdraw their money.
The following link is great! It costs American households $40B a year total for using cash, mostly because of the time to go get cash.
Every year, somewhere between 10-30% of world’s poorest households manage to escape poverty. During the same period, roughly an equal number of households sip below the poverty line. Health related emergencies are the most common cause.
Timeline (during this whole process, we will be working on our presentation):
|5th April||Come up with problem statements, system diagrams, and compelling stories|
|12th April||Ideation and Prototyping|
|19th April||Prototyping and Testing|
|26th April||Presenting at school (Have final presentation done)|
|3rd May||Presenting at UNICEF.|