How payments can promote Financial Inclusion?
The Emerging Payments Association (EPA) Asia is a commercial membership association of payments industry influencers. EPA Asia is part of the growing EPA global network. It runs more than 30 events each year, delivers eight projects annually to drive change, helps to connect the ecosystem, encourages innovation and profitable business growth. The EPA’s vision is for Asia is to be the regional Knowledge Hub for payments innovation. As it sets out to be the most influential trade body in emerging payments, the EPA’s mission, to collaborate to innovate, has the potential to improve lives everywhere.
For this round table, we will explore specifically how payments can promote financial inclusion. Along the way, we will dip into open banking, regulation and NFPs.
- Inclusion in the UK
- >97% have access to a bank account
- Even the basic bank account provides access to payments
- But key groups excluded
- Digitally excluded
- Older people
- Access to cash seen as critical policy issue as branch networks retreat
- But many are under-served
- Financially squeezed struggle to access best products
- Lack of digital skills or access means reliant on cash
- Risk exploitation through scams and lack of profitability
- Regulatory response
- Access to cash review – potential legislation
- Role of the Post Office
- Financial Inclusion Commission
- Lending Standards Board
- Money and Pensions Service
- Open Banking