SOURCE: Trustcash

April 01, 2010 16:58 ET

TrustCash to Address Unbanked Market With TrustCash DEPOSIT™ Product

ATLANTA, GA--(Marketwire - April 1, 2010) -  TRUSTCASH HOLDINGS, INC. ("TRUSTCASH") (PINKSHEETS: TCHH) today confirms the TrustCashDEPOSIT product will be marketed specifically to address the needs of the unbanked market.

Serving the unbanked is a key part of the TrustCash business plan.

Even though experts differ on just how large this market really is, one thing is clear, the statistics indicate a significant market opportunity:

  • CFSI reported that 20 percent of all U.S. households are unbanked. That's about 22.2 million families. Add to that the 19.4 percent of all U.S. families that are underbanked -- that's another 22 million families.
  • BearingPoint, a management and technology consulting firm, projects an even higher figure -- 28 million unbanked U.S. households and 44.7 million underbanked U.S. households.
  • Because the breadwinners for unbanked families are typically considered to be low-income wage earners, they are often overlooked by traditional FIs. But CFSI said such families will spend at least $13 billion on more than 340 million alternative financial service transactions -- each year. In the Celent LLC research study, Where the Banks Aren't: Nontraditional/Nonbank Advances in Branded Prepaid Cards, Celent Analyst Red Gillen estimated GPR cards for the unbanked population is a potential $31 billion market.

TrustCashDEPOSIT is the smart way for merchant's customers to pay their online invoices in person and can be supported by all major banks in their respective geographic markets. With TrustCashDEPOSIT merchants are guaranteed to receive their funds with none of the risks associated with credit card processing.

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Tell us where you want to use TrustCash at:

http://www.trustcash.com/signup_consumer1.php.

ABOUT TRUSTCASH

The TrustCash™ platform delivers a sophisticated, comprehensive online payment processing system.

The TrustCash technology infrastructure provides merchants with open access, PCI compliant payment processing. TrustCash™ is an E-Commerce expert providing online businesses with payment solutions needed to be successful.

Cautionary Statement Regarding Forward-Looking Statements

A number of statements contained in this press release are forward-looking statements. These forward-looking statements involve a number of risks and uncertainties, including the sufficiency of existing capital resources, technological changes and uncertainties related to the development of TrustCash's business model. The actual results TrustCash may achieve could differ materially from any forward-looking statements due to such risks and uncertainties.

Contact Information

  • Contact:
    TrustCash Holdings, Inc.
    Shareholder Communications
    Email Contact: Email Contact
    1-800-975-5196