PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

9 UK Banks Make Unbanked Priority with Basic Accounts

By Tristan Hugo-Webb
January 4, 2016
in Analysts Coverage
0
0
SHARES
0
VIEWS
Share on LinkedIn
551520

551520

Financial inclusion remains a major priority for governments and financial institutions around the world, particularly as economies become increasingly dependent on electronic payments and digital banking services. In the United Kingdom, a new initiative launched by nine major banks aims to make banking more accessible by offering fee-free basic bank accounts designed for consumers who are unbanked or underbanked. By eliminating common barriers such as overdraft fees while still providing access to essential banking services, these accounts have the potential to bring millions of individuals into the formal financial system. The program highlights the growing recognition that expanding access to basic banking benefits not only consumers, but also the broader payments ecosystem as digital transactions continue to replace cash.

At the start of the New Year, nine major UK banks have launched fee-free basic accounts targeted at the country’s unbanked or underbanked population. The move follows a deal between the government and retail banking industry that promises up to nine million consumers an account without potential financial pitfalls like overdraft fees.

The accounts which are effectively the same across all banks will include other basic payment and banking services like access to in-branch advice and service, (and at the Post Office) and the ability to use the bank’s entire ATM network for free. Commenting on the launch, Economic Secretary Harriett Baldwin said,

“Making sure that everyone in Britain has access to basic banking and financial services is at the heart of our long term plan. This is a key step forward in ensuring that our banking industry works for everyone.”

While the UK may not have as large unbanked and underbanked populations compared to those in developing and developed countries, including the United States. The fact that up to 9 million customers could be brought in by the new basic accounts highlights the need for the retail banking industry and payments industry more broadly to devout resources to addressing the unbanked and unbanked issue as it can only stand to benefit all parties as the country increasingly migrates to electronic payments.

Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service at Mercator Advisory Group

Read the full story here

0
SHARES
0
VIEWS
Share on LinkedIn

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    Mikko Kahkonen

    Making Physical Cards Matter in a Digital World 

    October 13, 2026
    debit loyalty

    Building Loyalty Via Debit Means Maximizing Rewards Potential

    October 12, 2026
    synthetic identity fraud

    Synthetic Identity Fraud Is Surging—and Often Goes Unnoticed

    October 9, 2026
    Gift cards

    Lessons from the Gift Card Forum: The Critical Shift from Breakage to Redemption

    October 8, 2026
    AI-powered fraud prevention

    In the Escalating Fraud Fight, Industry Solidarity Is Imperative

    October 7, 2026
    ownership authentication

    Ownership Authentication: Fighting Fraud Losses and First-Party Risk

    October 6, 2026
    detecting scams

    In a Faster World, Identity Protection Hinges on Predicting Scams

    October 5, 2026
    mobile banking

    Mobile Banking Has the Tools. Now Banks Need to Guide Customers

    October 2, 2026

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2026 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result