Lawmakers form digital payment caucus

A bipartisan group of lawmakers on the House Financial Services Committee on Thursday announced the creation of a caucus aimed at finding common ground on electronic payments.

Reps. Randy NeugebauerRandy NeugebauerRetailers are shirking consumer data security responsibilities Emerging online lenders ask lawmakers for time, patience The Durbin Amendment: a costly price control experiment MORE (R-Texas), David Scott (D-Ga.), Krysten SinemaKyrsten SinemaHouse Dem hopes Senate feels ‘urgency of now’ for cyber Lawmakers form digital payment caucus Bipartisan group will launch TV spots for House centrists MORE (D-Ariz.) and Lynn Westmoreland (R-Ga.) formed the Congressional Payments Technology Caucus (CPTC).

The CPTC's mission will be "to explore the new and innovative technologies in the payments industry, as well as answer questions about data security, new technology, unbanked users' access to electronic payments and more," according to an announcement.

Neugebauer said the group hopes to "elevate the dialogue and better equip Congress to address the issues that matter the most to American consumers.”

Officials at the Electronic Transactions Association (ETA) — which represents more than 500 payment companies including Visa, Verizon and MasterCard — supported the caucus' creation.

It's unclear what specific legislation the lawmakers will work to advance.

"We are excited about the new Payments Technology Coalition. ‎ It captures what ETA members are all about- combining payments and technology to ensure easy, quick, reliable, and safe purchases," said Scott Talbot, ETA senior vice president of government affairs. "We look forward to working with the Coalition members and leadership."