Children and old people here all use cards or apps.
And derisking is illegal, so you have to provide a bank account and cards to anyone who wants. The high risk customers just need more follow-up on terms of AML.
And derisking is illegal, so you have to provide a bank account and cards to anyone who wants. The high risk customers just need more follow-up on terms of AML.
Also, I wasn’t able to get a debit card until I was 12, but perhaps that has changed over the past few decades.
My kids got a card at around 5, but they are older now. Not with visa/mastercard of course :)
With respect to closing accounts, there are extremely few cases where people can be denied a basic account with the largest banks, but most smaller banks are not required to provide a basic account, and other account types can be denied at will, and most people have other accounts types (there are something like 7 million basic accounts).
However the homeless problem is virtually non existent in this country, same with the lack of id.
It's just so much more convenient to use digital payments that almost nobody use cash anymore.