Electronics Transactions Association Offers Insight in Mobile Payments, Other Payment Technologies
If there’s one thing that’s been made abundantly clear over the last couple of years, it’s that there have been a lot of new advances made in financial technology (fintech). We’ve seen fintech at least partially replace the bank branch in some cases and that’s just for starters. Recently, the Electronic Transactions Association (ETA) dropped word our way about its new white paper examining the impact of fintech on those traditionally underserved by more standard financial operations.
The ETA whitepaper, titled “How Fintech is Addressing the Needs of the Underserved,” addresses not only the role of traditional firms in the financial space but how the up-and-coming fintech companies, payment companies and the like are all having their own impact on the same field.
Included in the whitepaper are five main sections, areas in which the fintech market is improving things for the underserved user. These five areas include access, affordability, security, financial management and convenience, areas in which fintech is delivering value to its end users. Each of these points is supported throughout the white paper using case studies, demonstrating just what fintech can do in the field.
ETA’s senior vice president of government relations Scott Talbott noted “ETA member companies are harnessing the power of innovation to expand financial access for consumers. 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.”
Fintech has made a major impact already, and it’s likely only going to continue doing so. If this white paper doesn’t serve as proof enough, all we need to do is look at the mobile payments impact in the field. Just look at India, who took out most of its cash base and turned it into a mobile payments haven. Look at China, in which fintech is so ubiquitous that beggars wear quick response (QR) codes around their necks and even prisoners have mobile payments access.
We’ve seen amazing advances already, and we’ve likely only seen the beginning. Only time will tell just how far this goes, but it’s likely to go farther than anyone imagined.