Lawmakers take an interest in electronic payments

With nearly 70 percent of consumer spending conducted using electronic payment methods, and spending expected to reach $7 trillion by 2017, there's no doubt payments innovation is a hot topic.

Lawmakers are taking notice. Democrats and Republicans from the U.S. Senate recently joined together to form the bipartisan Senate Payments Innovation Caucus.

The caucus includes U.S. Senators Gary Peters, D-Mich., Mike Rounds, R-S.D., Tom Carper, D-Del., and Johnny Isakson, R-Ga.

Members of the caucus will concentrate on informing legislators on a variety of issues, including data security, consumer protection, innovative technologies and consumer access to electronic financial services.

The House of Representatives also recently formed the Congressional Payments Technology Caucus.

The CPTC will examine payment technologies, data security and alternative payment platforms existing outside the traditional banking footprint. The caucus members also serve on the House Financial Services Committee.

CPTC members include House Representatives Lynn Westmoreland, R-Ga., Randy Neugebauer, R-Texas, David Scott, D-Ga., and Kyrsten Sinema, D-Ariz.

"Global technology is growing and changing at a rapid pace and has a dramatic effect on our consumer payment systems and cyber security," Westmoreland said in a press release. "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."