CFSI and Master Your Card Examine High Cost of Cash Dependence for Low-income Americans at Expert Briefing

Financial services and public policy experts today discussed the challenges underserved communities face without access to mainstream financial services and explored opportunities for increased financial inclusion during a briefing co-hosted by Master Your Card and the Center for Financial Services Innovation (CFSI).

The event, held at the National Press Club in Washington, D.C., focused on the conclusions from a new Massachusetts Institute of Technology (MIT) report released today at the briefing. The report, The Technology to Advance Equal Financial Opportunity: How Emerging Electronic Payment Technology Can Provide Financial Services To Underserved Communities, found that electronic payment technology, including payroll cards, mobile financial services and prepaid cards, are valuable tools that can provide the approximately 100 million underbanked or unbanked Americans with financial access.

View the full article here.

View a presentation on the report here.