The Road Ahead for Postal Financial Services

Under its current legal authority, the Postal Service may be able to expand into new products related to its existing offerings. This may include payroll check cashing, domestic money transfers between post offices, bill payment services, international money transfers to additional countries, and other affordable products. Working with financial consultancy Mercator Advisory Group, the OIG estimates that a suite of expanded financial services based on what the Postal Service may be able to offer under current law could bring in $1.1 billion in annual revenue after a five-year ramp up, while covering costs and contributing to profits. The Road Ahead for Postal Financial Services describes this and other approaches for expanded postal financial services, some of which are more complex and involve products that are likely beyond the Postal Service’s current legal authority.