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A mobile platform app targeting the underbanked led to an approximate 50% reduction in severely delinquent loans and $3.5 million in recovered debt for one lending company.

The Reno, Nev.-based PaySwag, a white-label mobile app designed to help businesses and governments collect from underbanked consumers, utilizes cash and card payments, rewards, education and feedback engines. The platform gives users the flexibility to create payment plans that are convenient for them and the freedom to pay with cash. Most notably, users who stay on track earn “swag” points that can be redeemed for Amazon gift cards.

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Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).

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