Senate forms bipartisan caucus on payments innovation
April 9, 2015
WASHINGTON (4/10/15)--U.S. Sens. Gary Peters (D-Mich.), Mike Rounds (R-S.D.), Tom Carper (D-Del.) and Johnny Isakson (R-Ga.) will explore innovative technologies in the payments industry under a recently formed bipartisan Senate Payments Innovation Caucus. The caucus also will address issues concerning data security, consumer protection and electronic payments.
Already nearly 70% of consumer spending is done using electronic payments, and the trend just continues to grow, the senators noted in their release announcing the new group. By 2017, electronic spending is expected to reach an estimated $7.3 trillion.
The senators credited electronic payment methods and the use of devices to access accounts and make payments as being a rapidly growing part of our economy that "provides new opportunities for small businesses, startups and established stakeholders to reach customers around the world. The electronic transactions industry supports tens of thousands of jobs across the country, and it continues to grow."
They noted that mobile banking and payments innovations also have the potential to increase access to financial services for unbanked and underbanked consumers.
The Senate Payments Innovation Caucus will focus on educating senators and their staffs on issues involving data security and consumer protection, innovation in electronic payment technologies and consumer access to electronic financial services.
Reps. Lynn Westmoreland (R-Ga.), Randy Neugebauer (R-Texas), David Scott (D-Ga.), and Kyrsten Sinema (D-Ariz.) recently formed the Congressional Payments Technology Caucus in the House.