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ETA reports on inclusion, empowering underserved

Tuesday, February 21, 2023 — 17:42:18 (EST)

WASHINGTON, Feb. 21, 2023 /PRNewswire/ -- The Electronic Transactions Association (ETA), the trade association for the payments technology industry, today released its annual white paper outlining a variety of financial technology products and services that have broadened access to the payments and financial services ecosystems. The report, Advancing Economic Inclusion—Empowering Underserved Communities with Fintech, highlights the innovative products and services 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 the effort of broadening access to both underserved consumers and small businesses by developing and deploying technology to create secure, convenient, and inclusive products and services."

Advancing Economic Inclusion—Empowering Underserved Communities with Fintech analyzes thirteen key areas of fintech innovation.

"As detailed in our white paper, ETA members are delivering financial services to where consumers are headed," 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 advancements in payments technology that are making services more available, accessible and affordable than ever before. These include:

• COVID-19 PANDEMIC ECONOMIC RELIEF COVID-19 pandemic economic relief was powered 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 FINANCE Open Finance, an extension of Open Banking, enables consumers and businesses to securely share their financial data with accredited third parties, allowing for 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.

• NONTRADITIONAL PAYMENTS Nontraditional payments options are becoming increasingly popular as they allow consumers to cash checks conveniently, move funds between individuals easily, and pay for goods and services affordably, without needing an account with a traditional financial institution.

• MOBILE BANKING SERVICES & INNOVATIONS IN ADA COMPLIANCE Mobile banking services & innovations in ADA Compliance services provide 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 individuals 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 also facilitating greater financial literacy by enabling consumers to manage their accounts from their mobile devices.

• EXPANDED INTERNET ACCESS Expanded internet access provides affordable internet to underserved communities by improving infrastructure and reducing costs.

• ONLINE SMALL BUSINESS LENDING Online lenders are expanding access to credit and providing small businesses with affordable loans using innovative technologies and sophisticated, data-driven underwriting to evaluate potential borrowers, reaching funding decisions swiftly and providing capital expeditiously.

• PEER-2-PEER PAYMENTS Peer-2-peer payments technology is altering the way individuals exchange money by enabling the secure, instantaneous transfer of funds through mobile applications.

• CROSS BORDER PAYMENTS Cross border payments are transforming the global financial landscape by making international payments and remittances cheaper, quicker, and more accessible for consumers.

• INTERACTIVE, AUTOMATED TELLERS Financial institutions are deploying a new generation of technology to transform traditional branches and make them more economically sustainable in underserved communities with branches that have smaller physical footprints but offer a broader range of services at more convenient hours.

• FINANCIAL LITERACY & READINESS PROGRAMS To educate and empower adults and school-age students about today's modern financial products and services landscape, 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 foster an environment in which every colleague can feel included. Unprecedented technological advancements highlighted in this white paper continue to provide substantial 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 rely on when it comes to receiving, spending, sending, and holding money," said Kelley. "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 financial outcomes for all members of society."

A downloadable copy of the report is available at: electran.org/wp-content/uploads/2023-ETA-Advancing-Economic-Inclusion-Whitepaper.pdf

About ETA

The Electronic Transactions Association (ETA) is the world's leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbent players to the emerging disruptors in the U.S. and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $44 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers.

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Scott Talbott

SOURCE Electronic Transactions Association (ETA)

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