The Technology to Advance Equal Financial Opportunity
Large populations of financially vulnerable Americans currently live in a culture of cash reliance. This report explores how electronic payment technology can deliver the ability to overcome existing barriers to traditional banking and directly provide individuals with the advantages of greater financial inclusion and strength.
With the increase in electronic transactions and use of payment card technology, our society increasingly relies less on paper currency and checks. This trend represents an opportunity for low- and moderate-income families to move away from the high fees and hassles of check cashing and bill pay services, even though they may still have limited access to banks.
Key findings explored in the report include:
- Being Financially Under-served Costs Time and Money
- Technology Solutions Help Overcome Traditional Barriers
- Technology Offers Greater Value than Cash
- Businesses Should Work with Community Groups
- No One Should Be Left Behind