Rising Adoption of Contactless Payments & Digital Wallets: How to Maximize These New Opportunities for Inclusive Finance

Thursday, July 28, 3pm ET

Moderated by:

• Charvi Gandotra, Senior Innovation Manager, Commonwealth

Panelists:

• Dylani Herath, Vice President Engineering, Greenwood
• Helen Robb, Director of Product Management, Spruce Money by H&R Block
  

The adoption of contactless payment apps and digital wallets—whether early mover fintech products like PayPal, Venmo, and Cash App; big-tech firms like Apple, Facebook, Amazon, and Google; or newer and early-stage fintech product providers like Greenwood and Lili—has seen significant growth since the start of the COVID-19 pandemic with 59% of Americans now using more apps to manage their money than before the pandemic.

With limited research to understand how people living on LMI use these apps and their potential to advance financial security, Commonwealth conducted a national survey of 648 consumers living on LMI, oversampling for Black, Latinx and female respondents. 

Through our research, we discovered a sizable opportunity to integrate high-quality savings solutions within these apps, to foster financial security and wealth equity for millions of Americans. And as apps compete for higher market share (customer acquisition and retention),  - the business case is undeniable.

In our upcoming webinar, Commonwealth’s Senior Innovation Manager, Charvi Gandotra, will present findings from our report, Digital Payments and the New Opportunity to Increase Savings, and lead a discussion with industry experts on the potential impact contactless payments can have on financial security for people living on LMI. The discussion will explore how contactless and digital payments are opening up new opportunities in inclusive finance to drive business value, and what innovators are doing to include and support consumers living on LMI particularly women, Black, and Latinx consumers.