NEW WHITEPAPER REVEALS HOW PAYMENTS INDUSTRY FAST-TRACKED INNOVATION DURING PANDEMIC TO BENEFIT UNDERSERVED COMMUNITIES
WASHINGTON, Feb. 7, 2022 /PRNewswire/ — The creation of accessible and affordable financial practices accelerated during the pandemic, according to a new whitepaper published today by the Electronic Transaction Association (ETA), the trade association for the payments technology industry. The paper, “Creating a More Inclusive Economy: How Fintech Advances Digital Resources for Underserved Communities,” highlights payments industry initiatives that broadened participation in the financial system while helping the economy recover and grow.
A strong majority of Americans (88%) now use fintech, up from 58% in 2020, and more than half say they can’t live without using technology to manage their finances, according to research from ETA member Plaid.
“ETA members played a leading role bringing swift financial aid and innovative offerings to businesses, consumers, and underserved communities when it was needed most,” said Jodie Kelley, CEO of ETA. “As the leading trade association for the digital transactions industry, ETA encourages policymakers to support continued innovation and the use of technology to improve financial outcomes for all members of society.”
The paper highlights advancements in payments technology that are making services more available, accessible and affordable than ever before. These include:
“All individuals and businesses have come to expect speed, simplicity and, most of all, reliability when it comes to accessing, spending, investing, and saving money,” said Kelley. “ETA members have raised the bar, meeting and exceeding expectations during a crucial moment in history. The progress made these past two years is going to continue to reap great dividends for society in the future.”
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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SOURCE Electronic Transactions Association (ETA)