ETA Releases Annual Report on Advancing Economic Inclusion – Empowering Underserved Communities with Fintech
WASHINGTON, D.C. – FEBRUARY 21, 2023 – 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.”
MEDIA CONTACTS
Scott Talbott
[email protected]
ETA Announces the Top 10 Payments ISVs Award Winners
The Industry’s Most Innovative Payments Software Solutions Providers Will Be Featured at TRANSACT
WASHINGTON, D.C. — FEBRUARY 21, 2023 — The Electronic Transaction Association (ETA) is proud to announce the inaugural class of Top 10 Payments Independent Software Vendors (ISV) award winners. The award recognizes software companies that are disrupting the payments industry, introducing innovative products and pushing forward technological boundaries.
“These honorees represent an incredible advancement in the evolution of payments,” said Jodie Kelley, CEO of ETA. “This year’s winners demonstrate creativity, disruptive innovation, dedication to excellence and a unified commitment to bringing efficiencies, cost savings, and improving accessibility for everyday Americans.”
The 2023 award recipients will be honored at TRANSACT, ETA’s flagship event taking place April 24-26 in Atlanta. As part of this honor, a special section on the showroom floor entitled ‘ISV Village’ will be dedicated to showcasing each winner and their technology.
“MAPP Advisors is thrilled to host the first-ever ISV Village at TRANSACT. We believe Integrated Software companies are changing the payments landscape, from a consumer, merchant, and investor perspective. The ISV Village is a tremendous initiative by the ETA to highlight, encourage and develop companies that are challenging and changing the course of payments”, said Jim Battista, Founder and Managing Partner of MAPP Advisors, the sponsor of the inaugural TRANSACT ISV Village.
The 2023 ETA Top 10 Payments ISV Award Winners are setting a new standard for software innovation. From start-ups to established companies, these organizations are transforming how consumers and businesses receive, hold, send, and spend money. With innovative solutions that identify and eliminate inefficiencies across different industries, they are leading the way with secure and convenient payments experiences.
Winners of the 2023 ETA Top 10 Payments ISVs Award are:
BigTime Software (bigtime.net), for bringing an integrated and fully online payments experience that integrates invoicing, collections, and reconciliation processes to the professional services B2B space.
Biller Genie (billergenie.com), for its cloud-based accounts receivable (AR) automation and integrated B2B payments platform for small-and-mid-sized businesses.
Cusi (cusi.com), for making complicated transactions simple with real-time, secure end-to-end utility management services that automate electronic payments in a very traditional utility market.
Everyware (everyware.com), for simplifying the movement of money, combining customer engagement with fast, simple and secure payments through the same channels that people use every day.
Kickfin (kickfin.com), for their unique end-to-end gratuity management software.
ParkHub (parkhub.com), for creating an integrated, seamless parking experience while providing rich, real-time data to parking operators nationwide.
Paymints.io (paymints.io), for their secure, digital, white-label SaaS platform that allows buyers to transfer funds for many types of real estate transactions and creating transparency for all stakeholders involved in the transaction.
SoftPoint (softpointcloud.com), for creating the first biometric payment solution that makes payments frictionless and eliminates fraud without having merchants displace their current platform.
Transact Campus Inc. (transactcampus.com), for pioneering integrated and convenient campus payments solutions for students and administrators on campuses nationwide.
Zuza (getzuza.com), for a one-of-a-kind product that integrates POS, e-commerce, smart terminal, and mobile solutions in one super app that can also be white labeled.
MEDIA CONTACT
Scott Talbott, ETA
[email protected]
ETA Announces 2023 Board of Directors
WASHINGTON, D.C. – January 19 – The Electronic Transactions Association (ETA), the global trade association for the payments technology industry, today announced the election of its 2023 Board of Directors. ETA’s Board of Directors are leaders from across the payments ecosystem that power fast, seamless and secure digital payments for merchants and consumers.
“It’s an honor to have the opportunity to lead ETA during a time when payments technology is accelerating at such a rapid pace,” said Eric Hoffman, President of the ETA Board. “I look forward to working with the Board of Directors to help ETA build upon its strengths and to serve this dynamic industry.”
“I am excited to work with the 2023 ETA Board of Directors, leaders from the sophisticated and interconnected payments technology industry, whose companies continue to power the growth of frictionless payments, digital commerce and steadfast innovation.” said Jodie Kelley, CEO of ETA. “This is the right group of leaders to help move ETA forward as we work to shape and lead our members and the industry.”
ETA Executive Committee:
- Eric Hoffman, Director, Apple Pay Business Development, Apple – ETA President
- Cameron Bready, President & COO, Global Payments – President-Elect
- Derek Webster, Founder & CEO, CardFlight – Treasurer
- Jamie Walker, CEO, Elavon –Secretary
- Philip McHugh– Past-President
ETA Board of Directors:
- Angela Brown, President & CEO, Moneris Solutions
- Ralph Dangelmaier, CEO, BlueSnap
- Jim Johnson, EVP Head of Merchant Services, FIS
- Julie Pukas, Head of Commercial Strategy and Integration, TD Bank
- Suzan Kereere, Head-Global Business Solutions, Fiserv
- Bharathi Ramavarjula, Director of Product Management, Google
- Drew Soinski, Managing Director, JP Morgan Chase
- Christopher Sweetland, SVP, Payments Strategy & Transformation, CIBC
- Erika Wool, Head of Payments Partnerships, Stripe
Presidential Advisory Council:
- Todd Ablowitz, Co-CEO/Co-Founder, Infinicept
- Rehman Baig, Head of Payment Partnerships, Adyen
- Greg Cohen, CEO, Fortis
- Diana Mehochko,COO, NCR Payments Systems
- Wally Mlynarski, Head of Product, Bank of America
- Karen Redwood, Head of Industry Relations & Operations, Square
- Michael Reed, President, Deluxe
- Eduardo Righi, Head of Strategic Partnerships, PayPal
- Peter Stewart, President NAR, Ingenico
- Jonette Sullivan, Head of Merchant Services, Wells Fargo Merchant Services
ETA Board Ex-Officio:
- June Chen, General Manager, China UnionPay USA
- Deirdre Cohen,SVP Head of Acquiring, Visa
- Joel Henckel,SVP – Business Development, Emerging Verticals & Acceptance, Mastercard
- Jason Hanson, SVP, Partner Business Development & Global Acceptance, Discover
- Colleen Taylor, President, US Merchant Services, American Express
Payments Technology Driving Holiday Shopping, Finds TSG / ETA Survey
BNPL, digital wallets, and eCommerce rise as consumers fill their carts
WASHINGTON, D.C. – November 17, 2022 – A seamless payments experience is essential for most consumers. It drives payment choice at checkout just as much or even more than getting a good deal, according to a new survey conducted by TSG (The Strawhecker Group) and the Electronic Transactions Association (ETA). View the infographic here.
“New payment methods are changing consumer behavior and the adoption of payment technology,” stated Jodie Kelley, CEO of ETA. “The survey found that when it comes to adopting new payments technology, ease of use is most important.”
“Despite inflationary concerns, savvy consumers are still filling their carts and gaining confidence in newer payment technologies like digital wallets and buy now, pay later,” said Mike Strawhecker, President of TSG. “The payments industry continues to provide merchants with solutions for new consumer experiences.”
Ease of payments technology drives consumer behavior.
Since last year’s survey, frequent users of digital wallets have grown (21 percent versus 17 percent). While the number of regular users of 1-click accounts has remained the same year-over-year, more consumers have tried using them (67 percent vs. 65 percent).
Consumers are split evenly between payment options that are easiest to use, the one that gives them the best deal, and the most secure one.
- The survey found that more consumers are adopting digital wallets as a standard payment method, and 42 percent of digital wallet users said they were at least ‘somewhat confident’ leaving the house without their physical wallet.
- Gen Z and young millennials care more about seamless experiences (49 percent and 41 percent compared to 35 percent). In contrast, older millennials (ages 35 – 44) care more about saving the most money (31 percent compared to 27 percent).
Most consumers (62 percent) plan on shopping online and in-store.
- Consumers who made more than $100k a year report that they expected to do 61 percent of their shopping online (a 6-pt increase from 2021).
Concerns over inflation mean savvier consumers.
The survey found that consumers will utilize buy now, pay later (BNPL) to help manage their budgets.
- Twenty percent of consumers said there were planning on using BNPL during the holiday season, and another 20 percent were on the fence.
- When promoting adoption, overcoming the initial barrier to entry matters for BNPL companies, as those who previously tried BNPL were 38 percent more likely to use it this holiday season than consumers who had never attempted BNPL.
While most consumers plan on spending about the same as they did last year (37 percent), overall sentiment towards holiday spending is down.
- Consumers will be savvier and look for ways to save money this holiday season. At the time of this survey, 62 percent said they were concerned about ‘getting the best deal’ on their purchases, and 66 percent were concerned about managing their budget.
ABOUT ETA
The Electronic Transactions Association (ETA) is the world’s leading advocacy and trade association for the payments industry. ETA members span the breadth of significant payments and fintech companies, from the most prominent incumbent players to the emerging disruptors in the U.S and in more than a dozen countries around the world. ETA members make commerce most prominent by processing approximately $26.5 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers.
ABOUT TSG
TSG (The Strawecker Group) is a globally recognized analytics and consulting firm that supports the entire payments ecosystem, serving over 1,000 clients from Fortune 500 leaders to more than a dozen of the world’s most valuable brands. Trusted by industry leaders, TSG’s strategic services, market intelligence, and analytics merge to empower clients with actionable and accessible information. Please visit TheStrawGroup.com.
MEDIA CONTACTS
Seemin Qadiri
ETA
[email protected]
Andy Nuss
TSG
[email protected]
ETA Announces the Appointment of Brian Yates as Senior Director of State Government Affairs
Washington, D.C. – October 3, 2022 – The Electronic Transactions Association (ETA), the global trade association of the payments technology industry, today announced the hiring of seasoned financial industry and government affairs professional Brian Yates as the association’s new Senior Director of State Government Affairs. In this position, Mr. Yates will be responsible for executing ETA’s state legislative and regulatory strategies on behalf of ETA’s member companies.
“ETA is delighted to welcome Brian to our government affairs efforts at a time of historic innovation and change in the payments industry,” said Jodie Kelley, CEO of ETA. “His experience as a state lobbyist and former member of the Missouri State legislature will be invaluable to our state advocacy efforts on behalf of the world’s largest and most innovative financial and technology companies.”
“One of ETA’s many strengths is its state advocacy work. Brian brings broad experience and talent to the table and will advance the payments industry before state policymakers,” said Scott Talbott, Senior Vice President of ETA.
“I am elated to join the Electronic Transactions Association which is a highly respected and influential organization in the world of payments and technology,” says Yates. “This is a particularly exciting time for the industry as it continues to transform payments and benefit consumers. I look forward to applying my legislative and fintech experience to advocate for ETA’s member organizations in the states as they continue to innovate and better serve all consumers.”
Prior to joining ETA, Mr. Yates served as a state lobbyist with trade associations and at various private companies. He also spent four terms as State Representative in the Missouri House of Representatives, rising to Chairman of the House Insurance Committee, and Vice-Chair of the House Judiciary Committee. He holds a Bachelor of Arts – Political Science and a Juris Doctorate from the University of Missouri.
PRESS CONTACTS
Scott Talbott
Electronic Transactions Association
[email protected]
202.677.7403
Survey Shows 82% of Small Businesses Accept Peer-to-Peer Payments
ETA/TSG Survey Finds Merchants Responding to Consumer Demand
WASHINGTON, D.C. – June 13, 2022 – A new survey of U.S. small businesses conducted by the Electronic Transactions Association (ETA) and The Strawhecker Group (TSG) found that 82% accept at least one digital peer-to-peer (P2P) payment option at their business and 92% of them are happy with their experience. Although a significant portion of merchants who provided feedback qualified as micro-merchants – making them uniquely predisposed to seeking out fast and freely available payment options – the findings underscore the importance of ease of use and keeping pace with the payment methods consumers prefer.
“Merchants are responding to consumer demand,” stated Jodie Kelley, CEO of ETA. “P2P payments were traditionally used for friends and family to pay one another. But as their usage grows, we find that consumers are interested in utilizing them to pay merchants.”
The survey found that merchants accepting P2P payments accepted 59% of their total payments through P2P methods on average. Many (44%) chose to leave a balance in their P2P business accounts rather than transferring funds received into a bank account. Merchants in the study reported the following reasons for accepting P2P payments:
- Ease of use (including speed and convenience),
- A desire to offer consumers a variety of payment choices,
- Wanting to appeal to younger consumers’ preferences, and
- Feeling their businesses were too small to invest in additional payment processing capabilities.
“The future of P2P payments looks bright – especially among newer establishments and gig workers,” said Jared Drieling, Senior Director of Market Intelligence and Insights at TSG.
In March 2022, TSG and ETA surveyed over 500 U.S. small businesses to understand the trends and usage of peer-to-peer (P2P) payments in trade. The survey represents small businesses across various U.S. regions and industries, and the margin of error is +/- 4.26% at a 95% confidence level.
Click here for your copy of the infographic.
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 $7 trillion in U.S. total card payment volume and deploying payments innovation to merchants and consumers.
About TSG
The Strawhecker Group (TSG) is a globally recognized analytics and consulting firm that supports the entire payments ecosystem, serving over 1,000 clients from Fortune 500 leaders to more than a dozen of the world’s most valuable brands. Trusted by industry leaders, TSG’s strategic services, market intelligence, and analytics merge to empower clients with actionable and accessible information. Please visit TheStrawGroup.com.
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MEDIA CONTACTS
Riaz Ladha
ETA
[email protected]
Andrew Nuss
TSG
[email protected]