ETA publishes annual report on the promotion of financial inclusion – strengthening underserved communities with Fintech
WASHINGTON, 21 February 2023 /PRNewswire/ — The Electronic Transactions Association (ETA), the trade association for the payment technology industry, today released its annual white paper outlining a number of financial technology products and services that have expanded access to the payment and financial services ecosystems. The report, Advancing Economic Inclusion—Empowering Underserved Communities with Fintech, highlights the innovative products and services that are revolutionizing the way commerce is conducted through safe, secure, convenient and rewarding solutions.
ETA’s annual report summarizes the impressive work of our members to increase the number of participants who have access to the modern economy,” said Jodie Kelley, CEO of ETA. “ETA members drive efforts to expand access to both underserved consumers and small businesses by developing and deploying technology to create safe, convenient and inclusive products and services.”
Advancing Financial Inclusion – Empowering Underserved Communities with Fintech analyzes thirteen key areas of fintech innovation.
“As described in our white paper, ETA members deliver financial services where consumers are going,” said Jodie Kelley, CEO of ETA. “This results in a suite of products and services being available to serve all consumers, especially the underserved.”
The paper highlights advances in payment technology that make services more accessible, accessible and affordable than ever before. These include:
COVID-19 PANDEMIC FINANCIAL LITTLE
Covid-19 pandemic economic relief was driven by the payments industry. The electronic payments industry facilitated billions of dollars in benefits across multiple technology platforms quickly and securely, allowing individuals and small businesses to receive much-needed assistance.
OPEN ECONOMY
Open Finance, an extension of Open Banking, enables consumers and businesses to securely share their financial data with accredited third parties, providing improved access to financial services.
PREPAID PRODUCTS
Prepaid products provide cost-effective, convenient and innovative payment options for millions of consumers, including those with limited or no access to traditional financial accounts.
UNTRADITIONAL PAYMENTS
Non-traditional payment options are becoming increasingly popular as they allow consumers to easily cash checks, easily move funds between individuals and affordably pay for goods and services without having to hold an account at a traditional financial institution.
MOBILE BANKING SERVICES AND INNOVATIONS IN ADA COMPLIANCE
Mobile banking and innovations in ADA Compliance services bring financial independence and security to demographic groups that lack easy access to brick-and-mortar branches, such as consumers in rural areas, the elderly, and people with disabilities.
MOBILE PAYMENTS
Mobile payments are a convenient and secure alternative to cash and checks, allowing consumers to pay for goods and services securely and cost-effectively, while facilitating greater financial literacy by enabling consumers to manage their accounts from their mobile devices.
EXPANDED ACCESS TO THE INTERNET
Expanded Internet access brings affordable Internet to underserved communities by improving infrastructure and reducing costs.
ONLINE LOANS FOR SMALL BUSINESSES
Online lenders expand access to credit and provide affordable loans to small businesses by using innovative technologies and sophisticated, data-driven underwriting to evaluate potential borrowers, reach financing decisions quickly and provide capital quickly.
PEER-2-PEER PAYMENTS
Peer-2-peer payment technology is changing the way individuals exchange money by enabling the secure, instant transfer of funds through mobile applications.
BORDER PAYMENTS
Cross-border payments are transforming the global financial landscape by making international payments and money transfers cheaper, faster and more accessible to consumers.
INTERACTIVE, AUTOMATIC COUNTERS
Financial institutions are adopting a new generation of technology to transform traditional branches and make them more financially sustainable in underserved communities with branches that have smaller physical footprints but offer a wider range of services at more convenient hours.
PROGRAMS FOR FINANCIAL COMPLETENESS AND PREPAREDNESS
To educate and empower adults and school-age students about today’s modern landscape of financial products and services, ETA members offer programs on how to manage finances and invest for the future.
DIVERSITY, EQUITY AND INCLUSION INITIATIVES
In addition to raising awareness, ETA and its members promote an environment where every colleague can feel included. Outstanding technological advances highlighted in this white paper continue to provide significant benefits to underserved consumers and the economy as a whole.
“The speed, security and, most of all, reliability are hallmarks of the payments industry that consumers and businesses have come to trust when it comes to receiving, spending, sending and holding money,” Kelley said. “As the leading trade association for the digital transactions industry, ETA encourages policymakers to create a positive policy environment to support continued innovation and the use of technology to improve economic outcomes for all members of society.”
About ETA
The Electronic Transactions Association (ETA) is the world’s leading legal and industry organization for the payment industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbents to the new disruptors in the US and in more than a dozen countries around the world. ETA members make trade possible by processing approx 44 trillion dollars annually in purchases and P2P payments worldwide and deploying payment innovation to merchants and consumers.
MEDIA CONTACT
Scott Talbott
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SOURCE Electronic Transactions Association (ETA)
