US House Delves Into Payments Technologies

Democrats and Republicans from the U.S. House of Representatives have come together in a bipartisan effort to form the Congressional Payments Technology Caucus (CPTC) — a group aimed at exploring innovative payments technologies.

The goals of this caucus is to delve into questions about data security, the unbanked and access to electronic payments and to explore how the payments industry is transforming, according to a joint news release from Rep. Lynn Westmoreland (R—Georgia), Rep. Randy Neugebauer (R—Texas), David Scott (D—Georgia) and Rep. Kyrsten Sinema (D—Arizona). The leaders of the CPTC also serve on the House Financial Services Committee.

“Innovative payments technology continues to expand opportunity for individuals and families in the 19th District of Texas and across America,” Neugebauer said. “Many of these new technologies will help address some of our most pressing financial services challenges such as cyber and data security. Today’s launch of the CPTC, and our bipartisan group of members, will elevate the dialogue and better equip Congress to address the issues that matter the most to American consumers.”

Jason Oxman, CEO of Electronic Transactions Association, suggested that the caucus formation was an important step for the payments industry, noting that the ETA plans to work with the caucus to advance its mission of helping advocate for electronic payment technologies as they develop in the payments ecosystem. The concept of developing global technologies in the payments space was also iterated by the rest of the caucus.

“Global technology is growing and changing at a rapid pace and has a dramatic effect on our consumer payment systems and cyber security. The formation of the CPTC will help keep members up to date on industry changes, serve as an invaluable resource for information, and provide a panel for discussion on future legislation,” Westmoreland said.

This bipartisan effort from the CPTC is also aimed at bringing awareness to challenges in the payment industry that are not always publicly discussed across the private sector. The government group hopes to shed new light on issues that may need more public discourse.

“The CPTC brings members from both parties together to highlight the importance of developing new payment technologies and protecting consumer privacy and security. I look forward to working with the CPTC to foster innovation, protect consumers, and support small businesses,” Sinema said.

Speaking from his experience as a member of the Financial Services Committee, Scott noted that he has learned firsthand that the “payments industry is a large, diverse industry that touches every segment of our financial economy.”