Growing adoption of mobile and web-based technologies to deliver services has highlighted the need for worldwide access to digital technologies. This is particularly true in developing countries lacking adequate connectivity and infrastructure. How Fintech is Addressing the Needs of the Underserved, published July 21, 2016 by The Electronic Transactions Association shares solutions designed by member companies to address the needs of underserved populations.
The global trade association's white paper details how technical advancements can potentially benefit underserved consumers and their communities through a range of "safe, convenient, and rewarding payment solutions and lending alternatives." The solutions are built around core values of access, affordability, convenience, security and financial literacy.
"ETA and its members support an inclusive financial system that provides high quality, secure, and affordable financial services for the broadest possible set of consumers," the report authors wrote. "A goal of ETA member companies is to continually enhance the electronic payments and financial ecosystem so that it is accessible for all consumers, while ensuring their transactions can be completed securely, efficiently and ubiquitously."
The expanding fintech sector, which the ETA white paper defined as "new technologies that expand financial offerings for consumers, lower costs, improve financial management, and increase transaction security," has used innovative technologies to solve common problems faced by underbanked consumers. Following are cases cited in the report:
The ETA is also continuing its work with legislators to ensure that U.S. government policies will enhance these far-reaching initiatives, improving access to financial services for all Americans. Additional insights from the ETA's How Fintech is Addressing the Needs of the Underserved will be cited in an upcoming feature in The Green Sheet that explores how emerging payment technologies are reshaping traditional methods of selling and implementing merchant services.
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