Banking Up touts mRDC-prepaid symbiosis

Plastyc Inc., dba Banking Up, considers mobile remote deposit capture (mRDC) technology to be one product that can grow prepaid card usage and revenues. "We consider mRDC as a new motivator to replace checking accounts with more affordable prepaid accounts or to get banked if they don't currently have a checking account," said Banking Up Chief Executive Officer Patrice Peyret. "Its availability will be a driver in the acquisition of new customers."

The alternative financial services company believes mRDC, also called photo check deposit, makes prepaid a better option for consumers without checking accounts. Underbanked individuals who would typically go to check cashing stores to cash paychecks can now have checks remotely deposited to prepaid accounts via smartphones.

"Now prepaid accounts with photo check deposits fully opens the market to serve these customers," Banking Up said.

Additionally, mRDC is not a mere convenience for the underbanked. Banking Up cited Federal Deposit Insurance Corp. statistics that said 91 percent of the underbanked have mobile phones and smartphones. "And many work in service jobs such as construction or child care where they don't have ready access to computers or bank branches," Banking Up said.

At the Underbanked Financial Services Forum, to be held June 5 to 7, 2013, in Miami, Peyret will participate in a panel discussion on the future of mRDC.

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