As of 2015, over 40% of the U.S. Latino community were unbanked or under banked without access to basic financial services. ViViPAY, a subsidiary of ViVi Holdings Inc. and a provider of “Fintech” financial technology solutions has partnered with the National Hispanic Christian Leadership Conference (NHCLC) to offer its financial ecosystem solution with a digital wallet linked to a Mastercard or Visa.
The deal allows for attendees at the NHCLC’s more than 40,118 churches a low-cost option to a traditional bank account with no credit check. Members also receive access to Claro mobile services integrated directly into their digital wallet.
To utilize the product, the user simply downloads the free digital wallet app and deposits funds to their digital wallet according to their budget. This can be done by depositing a check directly through the app, having their paycheck or government check direct deposited, or by depositing cash at any of the thousands of deposit locations throughout the country. They are then able to use the digital wallet, much like a bank account, to pay bills, transfer money, access health benefits, and even make donations directly from the app. It can also be used at ATMs nationwide to withdraw money 24 hours a day.
“Via this new sponsorship, VIVI is providing members of the NHCLC with a simple solution to connect them with cutting edge, inexpensive banking alternatives that will empower the community giving them the opportunity to access the basic financial services that everyone deserves” said Samuel Rodriguez the president of the NHCLC.
The NHCLC has 40,118 churches and is the largest evangelical organization in the United States. It helps to empower pastors with messaging and mobilization tools, according to a press release. Part of their purpose is to lead “a righteousness and justice” movement. They have what they call a 7 Directives Focus: Directives of Life, Family, Great Commission, Education, Justice, Stewardship and Youth.
The initiative helps to expand digital fluency in an underserved market, while expanding access to banking. One of the strengths of this type of initiative is that it partners one company with the technology that will help underserved users with a group that the users trust; a local church. Spanish speaking churches are often a primary influence in Latino communities in America through both the Catholic and Evangelical Christian faith.