By which it means they have a bank account, but maybe not a credit card.
Wipit's service allows mobile consumers to pay for purchases in mobile apps or online, using prepaid cash.
It just announced an investment by tax and financial services specialist H&R Block. As a result, H&R Block pre-paid MasterCard clients will be able to use a virtual wallet to make purchases from their phones.
The new deal follows Wipit's last big announcement in late 2011 of an agreement with Euronet. This added a store locator feature to their Wipit mobile wallet account to find nearby Euronet-enabled retail locations and add funds.
"The underbanked consumer represents an entirely different market opportunity for merchants. We're excited about our partnership with H&R Block and the tremendous value we can jointly offer cash preferred consumers and the merchants who serve them," said Wipit CEO Richard Kang.