Postal Networks: a Physical Link to the Digital Economy

I was pleasantly surprised to read the latest White Paper from the U.S. Postal Service exploring the potential to build on its existing financial services products to help the poor access financial services in the United States It is no surprise, however, that the U.S. Post should look to serving the estimated 68 million people who are underserved with formal banking services as one approach to address its ailing financial situation. At one point the only government agency that was profit making, the U.S. Post has been on a financial decline for the past seven years, struggling to keep up with the pace of change in the mail/shipping industry as we shift to a digital world. The White Paper sets up the potential “sweet spot” for the Post as the agent that helps people bridge the digital divide. The paper notes: “As society becomes increasingly cashless, the Postal Service’s ability to provide a physical link to the new digital economy will become more and more vital…”

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