Payment technology

House subcommittee to examine impact of technology on financial literacy

Money Phone MobileThe House Financial Services Subcommittee on Financial Institutions and Consumer Credit will meet on Wednesday to hear testimony from witnesses on the use of technology to promote consumer financial literacy.

The hearing, which will be held at 10 a.m., will feature testimony from Alicia Puente Cackley, the director of financial markets and community investment at the Government Accountability Office (GAO); BancVue CEO Gabriel Krajicek; Stephen Kehoe, the senior vice president and global head of financial inclusion at Visa; Barry Saik, the senior vice president and general manager of the consumer ecosystem group at Intuit; and CEO Sabrina Lamb.

Subcommittee members will hear from the witnesses on the current and future impact of mobile technology on financial decision-making and how technology can contribute to financial literacy by empowering American consumers to make more informed financial decisions.

The end-of-the-month hearing comes at the end of April, which is recognized as National Financial Literacy Month.

According to the Federal Reserve, approximately 90 percent of U.S. adults have access to mobile phones, which are used increasingly to conduct financial transactions such as shopping and banking.

Technology research firm Gartner estimates that the global market for mobile payments will triple by 2017, with $721 billion worth of transactions to be conducted by over 450 million consumers.

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