h.way is a new digital account that caters to the specific banking needs, habits, and preferences of Hispanic consumers. The service intends to address financial issues experienced by Hispanics at disproportionate levels in the US. It offers a range of banking services, from debit card accounts with fee-less, in-network ATM access, early payday options, round-up savings and international money transfers with cashback.
Almost 10% of Hispanic households are unbanked, with 21.7% of unbanked households citing that they do not have enough money to meet minimum balance requirements, according to the 2021 FDIC National Survey of Unbanked and Underbanked Households,
h.way plans to alleviate these concerns by not requiring a minimum balance to open an account. Nor does it charge monthly or maintenance fees. This digital bank account service empowers customers to securely withdraw or deposit cash at over 60,000 ATM locations at no charge. Additionally, h.way offers the best total cost of remittance when transferring money across borders. All h.way accounts are held at an FDIC-insured institution and debit cards are protected by Mastercard‘s ID Theft Protection service.
“Money done our way”
Lionel Carrasco, Co-Founder and CEO, said: “Our goal is to help Hispanics realise their economic potential, thus improving their lives and positively impacting the US GDP. We’re addressing the unmet core banking needs of our Hispanic consumers, with solutions such as no maintenance fees, no minimum balance, and a fully bilingual end-to-end experience.
“We are also tailoring our services to the diverse subsegments within the Hispanic market, providing features not available in many traditional banking apps. This includes coverage for unexpected medical emergencies, integrated international money transfers, investments and AI-enabled conversational financial services. From hard-working immigrants who need to send money back home, to the high-income corporate professionals born abroad investing in stocks and ETFs, we’re here to serve, connect and uplift our growing and increasingly influential Hispanic community.”
Studies, suggest that Hispanics are a rapidly expanding group and will represent more than 25% of the population by 2050. As the US Hispanic population grows, so does its wealth and influence. Hispanics currently represent the largest affluent subgroup in the United States, with significant growth among younger generations. Today, one in five affluent Gen Zs is Hispanic, compared to one in fifteen affluent Boomers/Seniors.
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h.way officially launched with a multi-city, omnichannel marketing campaign, carrying the tagline “Dinero a nuestra manera” (Money done our way), highlighting the company’s commitment to tailoring financial technology to meet Hispanic’s financial habits and needs.