ETA White Paper Examines How Financial Technology Innovation Provides Access, Affordability, and Convenience to the Underserved

February 4, 2019 – WASHINGTON, D.C. – The Electronic Transactions Association (ETA), the global trade association for the payments technology industry, today released a white paper exploring how financial technology (FinTech) innovation broadens access to financial products and services. “How FinTech is Addressing the Needs of the Underserved” highlights the financial institutions, payments companies, and FinTech companies transforming the marketplace through the introduction of new technologies that are expanding accessibility, lowering costs, empowering financial management, and driving a more secure ecosystem.

“ETA member companies are harnessing the power of innovation to expand financial access for consumers,” said Scott Talbott, senior vice president of government relations, ETA. “The payments technology industry continues to develop new technologies that increase access to financial products and services, all while ensuring transactions are secure, efficient, and ubiquitous.” 

The white paper features case studies of the products and services powered by ETA member companies including: prepaid cards, mobile banking, peer-to-peer payments, electronic payment systems, expanded access to the internet, and alternative lending sources for small businesses by providing:

• Access: increasing digital touchpoints for consumers to access and manage financial products and services wherever they are and whenever they need them, regardless of whether they can access a brick-and-mortar branch.
• Affordability: innovation in digital technology increases competition and drives down the cost of goods and services, which makes products more affordable, and thus accessible to more consumers.
• Convenience: providing consumers with new, more convenient ways to pay and be paid saves time and money and streamlines the entire digital ecosystem.
• Security: combining the stability and security of traditional financial products and services with leading-edge technology like encryption and tokenization means consumers are protected from fraud at all times.
• Control and Financial Management: providing consumers with the tools and information they need in the format that works best for them promotes financial literacy and better financial management.

“At Cross River, we are focused on leveraging the latest innovations and partnering with FinTech stalwarts like Mastercard, Stripe and Visa, to create products and services for all consumers,” said Phil Goldfeder, senior vice president of public affairs, Cross River. “We’re proud to work with ETA to tell the story of financial inclusion that FinTech powers.”

“The smartphone is the new nexus of consumer interaction with financial products and services,” said Chris Koegel, director, federal regulatory affairs, T-Mobile. “T-Mobile is committed to supporting universal access to FinTech products and the underlying information networks that support them.”

Click here to access the white paper.

About ETA

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.

 

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