Over 1.4 billion adults worldwide still lack access to financial services. In the US alone, roughly 5.6 million households—about 4.2% of the population—are unbanked, excluding them from opportunities to save, invest, or even pay bills efficiently.

These numbers represent more than statistics: they’re people navigating life without the financial safety nets many rely on. Today, emerging technologies are creating pathways to bridge the gap between unbanked customers and financial systems. Digital assets and blockchain technology offer a more inclusive opportunity to help change the narrative.

Barriers to traditional banking

For millions, access to traditional banking feels impossible. In the US, nearly 23% of people earning less than $25,000 annually are unbanked. Globally, similar barriers persist, driven by a mix of economic, geographic, and social factors. High fees, endless paperwork, and the necessity of physical branch visits create roadblocks. Maintaining a bank account can often be unattainable due to monthly maintenance fees or minimum balance requirements, which are often unaffordable for low-income households. Entire communities are cut off from the necessary tools to build financial stability and security.

Furthermore, many banks operate during limited hours that conflict with the working schedules of hourly-wage earners, making access inconvenient or impractical. In rural areas or developing nations, the issue is compounded by the lack of nearby branches, no access to broadband internet, and unreliable infrastructure, leaving entire communities without access to essential financial services.

How digital assets create new pathways

Traditional banking systems have long overlooked the unbanked, leaving their spending power largely untapped. This means missed opportunities for merchants to connect with a massive, underserved market. Modern fintech solutions, like digital assets, are changing the game by providing tools that empower the unbanked to participate in the financial system. With just a smartphone and internet connection, they can now send payments, access savings tools, and leverage microloans—unlocking their potential as active consumers and giving your business the chance to tap into this growing source of spending power.

Flexa is at the forefront of making these solutions practical and accessible. Here’s how Flexa’s payment platform fits into this new system and the unique benefits it offers compared to traditional finance:

1. Accessible for all: Digital assets eliminate the need for credit checks or extensive documentation. With just a smartphone and internet access, anyone can participate by creating a digital wallet in which to store their assets. This process requires minimal personal information to get set up. This simplicity is life-changing for people in remote regions or those without formal IDs. Flexa enables users to start spending their digital assets on everyday transactions, making financial inclusion a reality for more people.

2. Lower transaction costs: Transaction fees shouldn't affect your profits or customers' budgets. Blockchain technology can help facilitate low-cost, near-instant transactions, giving people a viable alternative to expensive remittance services. Brazil’s Pix and India’s UPI systems show the potential for accessible financial services, and digital assets extend these possibilities even further. Flexa’s payment platform ensures that a customer's digital asset transactions are efficient and secure, enabling users to transact without worrying about hidden fees or delays.

3. Affordable cross-border payments: Sending money internationally is often costly and slow. Blockchain-based transactions can make cross-border transactions made with digital assets fast, secure, and affordable. For instance, those living abroad can visit the US and effortlessly use Flexa to pay Flexa-enabled merchants, ensuring a smooth and efficient payment experience. 

4. Empowering financial growth: Beyond enabling digital assets for transactions, many digital wallets offer features like savings tools and investment opportunities, such as earning yields on stored assets, helping users build financial independence. While digital wallets help users save and grow their resources effectively, integrating the Flexa SDK unlocks an additional benefit: enabling the spending power of their customers' wallets at thousands of retail locations, seamlessly bridging financial growth with real-world usability.

Real-world impact in action

Modern fintech solutions are helping workers get paid directly into digital wallets, bypassing traditional banks altogether. The digital economy offers a more accessible alternative, enabling people to participate with just a smartphone and internet connection, no matter where they are. In fact, over 560 million people worldwide own cryptocurrencies, many residing in countries with largely unbanked populations. Flexa plays a vital role by creating a bridge between digital wallets and merchants, allowing the latter to accept digital assets as payment. Flexa currently operates within the US and El Salvador, is licensed in Canada, and will expand to support more countries in 2025.

Limited internet access and digital literacy remain hurdles for many communities, and regulatory uncertainty adds complexity. However, these obstacles can be addressed with collective efforts from governments, businesses, and technology providers like Flexa. Flexa’s commitment to security, transparency, and ease of use ensures that even first-time users can confidently engage with digital payments. 

At Flexa, we believe in a world where financial inclusion is a reality for everyone. Our technology bridges the gap, making secure, seamless transactions accessible to all. By integrating digital assets into everyday life, we’re committed to ensuring no one is left behind. Contact us today at [email protected] to learn how you can start accepting digital payments for your business.