C-Stores Turning into Virtual Banks
NEW YORK -- People are now going into their local convenience and grocery stores depositing money into a "virtual account" and getting a Foreign Exchange Prepaid MasterCard to access their funds and make purchases.
Reports indicate that as many as 80 million people in the United States are unbankable, meaning they cannot even open a bank account. Bankruptcies are at an all-time high, leaving the non-creditworthy with few options; immigrants -- legal and illegal -- largely have to carry around cash, teenagers need new payment options and more shoppers are looking on the Internet for goods and services without the security risks.
As a solution, convenience stores are now becoming "virtual" banks by taking deposits (minimum $10) for a "virtual account" that gets accessed from the new Foreign Exchange Prepaid MasterCard.
Everyone qualifies and users can redeposit as much as they want onto their card. Platinum Financial Group is now gearing up to launch the Foreign Exchange Prepaid MasterCard through convenience and grocery stores around the country.
Wally Najimi, CEO of Platinum Financial Group, said, "Currently we have set up over 1,000 of these virtual banks and we anticipate within the next year to have well over 12,000 convenience stores around the country equipped with this program. This is a solution to a neglected market that has been past due and if the standard institution doesn't want this business, we'll take it."
Reports indicate that as many as 80 million people in the United States are unbankable, meaning they cannot even open a bank account. Bankruptcies are at an all-time high, leaving the non-creditworthy with few options; immigrants -- legal and illegal -- largely have to carry around cash, teenagers need new payment options and more shoppers are looking on the Internet for goods and services without the security risks.
As a solution, convenience stores are now becoming "virtual" banks by taking deposits (minimum $10) for a "virtual account" that gets accessed from the new Foreign Exchange Prepaid MasterCard.
Everyone qualifies and users can redeposit as much as they want onto their card. Platinum Financial Group is now gearing up to launch the Foreign Exchange Prepaid MasterCard through convenience and grocery stores around the country.
Wally Najimi, CEO of Platinum Financial Group, said, "Currently we have set up over 1,000 of these virtual banks and we anticipate within the next year to have well over 12,000 convenience stores around the country equipped with this program. This is a solution to a neglected market that has been past due and if the standard institution doesn't want this business, we'll take it."