2023 • No. 23-2
A report of the Special Committee on Payments Inclusion
December 2023
The Federal Reserve Bank of Atlanta is committed to helping the United States economy work for everyone, to helping every family be economically resilient and see possibilities for economic mobility and advancement. Financial tools can play an important role in advancing these goals. With the economy’s rapid digitization, economic exclusion could increase markedly, especially considering the wide range of ways consumers can transact. Digital innovations can sometimes exclude vulnerable populations or low- and moderate-income households, preventing these populations from enjoying some of the benefits.
What are the most important efforts we should pursue to achieve inclusion of this disconnected population?
To explore this question, the Atlanta Fed convened an interdisciplinary, multisector collaborative group called the Special Committee on Payments Inclusion (hereafter referred to as "SCOPI," or "the committee"). The committee reviewed existing resources and initiatives addressing financial inclusion, cash behaviors, digital payment benefits, and digital payment challenges. It used this body of knowledge to develop a set of considerations that we hope will serve as a focal point to drive ongoing work to increase financial inclusion in payments. During its deliberations, the committee considered many valid and important issues. It ultimately settled on seeking solutions to seven barriers to financial inclusion.
This report discusses those barriers and offers considerations that could help drive work to increase financial inclusion in payments.