Digital Banking

Digital Banking

The underserved market is a large group in the U.S. The Federal Reserve reported in 2019 that 22% of all American adults are unbanked and underbanked and many have to rely on services such as payday loans, money orders and pawnshop loans to get by. The pandemic has only made it more difficult on this demographic as they try to gain access to financial services such as bill payments, loans, money transfer and other services.

The underserved have traditionally relied on ATMs to gain access to cash, but one company is expanding ATM services to include a variety of tools for them. Maya Labs recently developed its Smart ATM platform, which provides check cashing, money transfer, real-time bill payment, cell phone reloads, micro loans and bitcoin to the unbanked and underbanked. The company is currently deploying these ATMs at Hispanic groceries in the U.S.

To learn more about these Smart ATMs, ATM Marketplace spoke with Peter Kelly, CBO at Maya Labs.

Q. What are the primary features of these Smart ATMs?

A. Maya is a social initiative technology company that provides financial services infrastructure for under-served communities in the U.S and abroad. The Maya SmartATM provides fast, convenient, and low-cost financial services with a self-service kiosk that allows people to cash checks, pay virtually any bill via CheckFreePay in the U.S. (e.g., utility), transfer money to 200,000 international pick-up locations, and purchase mobile airtime. The company takes care of all compliance and regulatory aspects of the service, offering retailers a complete turnkey solution to increase foot traffic.

Q. What is the primary target audience for it?

A. Maya Labs sells to a business-to-business audience including ATM deployers, BTM deployers and mainly grocery and convenience stores serving the unbanked and underbanked communities in which as of now, 63 million people in the US fall into this category. Maya also has a white label solution for check cashing, money transfer companies and BTM deployers.

Q. How does it improve the customer experience?

A. According to a 2019 report by the Federal Reserve, 22% of American adults (63 million) are either unbanked or underbanked. The 6% of Americans who are unbanked must rely on alternative financial products and services, such as payday loans, check cashing services, money orders, and pawn shop loans, to support their financial needs. With the pandemic, climate change impact, and rapid inflation, many Americans are faced with tough financial choices.

Maya allows businesses to offer a self-service solution for financial services to their customers and better access, in a more private environment. Customers typically have a shorter wait time and can facilitate more transaction types in one location. The Maya SmartATM takes the onus off a business' employees to provide these financial services, as well as freeing the limitations of operating hours, allowing customers access to their financial needs around the clock.

Q. How does it benefit retailers?

A. Maya allows Deployers to differentiate their offering to their retail partners. Retailers receive more foot traffic without having to dedicate expensive headcount and allows for additional revenue streams. These retailers also benefit from less shrinkage, or missing money. Most importantly, these retailers are now able to be a secure resource for financial support in their local communities.

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