WASHINGTON, March 3, 2021 /PRNewswire/ -- The Electronic Transactions Association (ETA), the trade association for the payments technology industry, today released its annual white paper that highlights how its members are using technology to address the financial needs of the underserved. The report, "How FinTech Is Addressing the Needs of the Underserved," outlines the unprecedented technological advancements created to broaden access to financial services, typically referred to as financial inclusion.
Financial inclusion refers to individuals and businesses having access to useful and affordable financial products and services that meet their needs and that are delivered in a responsible and sustainable way, according to the World Bank. An inclusive financial system is one that provides consumers and businesses with access to a variety of these products and services.
"ETA's members are at the forefront of using technology to broaden financial inclusion," said Jodie Kelley, CEO of ETA. "As the leading trade association for the digital transactions industry, ETA encourages policymakers to support financial inclusion efforts through policies that encourage innovation and the use of technology to improve financial outcomes for all consumers."
ETA published the first edition of "How FinTech Is Addressing the Needs of the Underserved" in July 2016 and has updated the white paper each year since. This report expands upon the previous volume and includes additional consumer products and services brought to market during the past year. These efforts to help the underserved include the following:
COVID-19 Pandemic Economic Relief – Mitigating the economic impact of the pandemic by providing additional options for both merchants and consumers to stay safe while continuing to engage in commerce
Prepaid Products – Providing cost-effective, convenient, and innovative payment options for millions of consumers, including those who may not have access to traditional financial accounts
Nontraditional Payments – Providing innovative solutions in a changing economy
Financial Literacy & Readiness Programs – Empowering consumers to take control of their finances and prepare for the future
Mobile Banking Services & Innovations in ADA Compliance – Providing financial independence and security for those demographic groups that lack easy access to physical branches of financial institutions, such as consumers in rural areas, the elderly, or persons with disabilities
Mobile Payments – Providing an alternative to cash and checks that allows consumers to pay for goods and services in an efficient, cost-effective, and secure manner
Peer-2-Peer Payments – Enabling consumers to send money to each other via mobile applications
Online Small Business Lending – Expanding access to credit for small businesses seeking capital to grow their businesses
Interactive, Automated Tellers – Transforming traditional financial institution branches by making them economically sustainable in previously underserved communities
The Electronic Transactions Association (ETA) is the global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $21 trillion in purchases worldwide and deploying payments innovation to merchants and consumers.