The U.S. Postal Service is looking at partnering with banks to provide mobile banking, prepaid cards and other financial services to the underserved.

"Providing Non-Bank Financial Services for the Underserved," a white paper published by the Office of Inspector General United States Postal Service, examines possible financial services products the USPS could offer.

The USPS wants to provide non-bank financial services for the 68 million adults who are underserved by financial institutions and spend an average of $2,412 each year on alternative services such as payday loans and check-cashing exchanges.

Looking at other countries, financial services have been the single best new opportunity for postal services to earn additional revenue, the USPS said. In the U.S., such services might ultimately translate into $8.9 billion of revenue per year, it noted.

Mobile transactions and reloadable prepaid cards are among the service opportunities identified by the white paper along with domestic and international money transfers and possibly small loans.

The USPS envisages offering non-bank financial services in partnership with banks, creating a "win-win" situation. "Postal financial services could complement the current offerings from banks by helping banks reach customers in geographic areas where they lack a physical presence, by offering products to customers who were not previously a main focus of banks, and by helping some customers transition to traditional bank savings or checking accounts," the white paper said.

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