USPS is Trying Out A New Business, Which Could Transform How Millions Access Cash And Pay Bills (From The Washington Post)

Lexington’s Paul Steidler was quoted by The Washington Post in a story about the new paycheck-redemption business recently launched by the Postal Service. Customers in Washington, Baltimore, Falls Church, VA, and the Bronx can now redeem their paychecks in exchange for Visa gift cards valued up to $500. Postal Service officials expect to expand the pilot into a fuller study with more locations and financial products, such as bill-paying services and ATMs.

Steidler expressed skepticism about the venture. “The Postal Service processes and delivers billions of pieces of mail and packages. It is not a financial services firm,” he said. “It comes down to introducing a new business line at probably the worst time imaginable, when they’re struggling with profitability and struggling to get through the pandemic.”

Read the full article here.