WASHINGTON, Jan. 25, 2024 /PRNewswire/ -- The Electronic Transactions Association (ETA), the leading trade association of the payments industry, unveils its strategic public policy priorities for the year 2024.
The digital payments industry is the cornerstone of modern commerce, delivering secure, convenient solutions that support businesses of all sizes, powers the American economy, and ensures that consumers – including low-to-moderate income consumers – can seamlessly manage their financial transactions.
"Payments is driving innovation and increasing convenience, speed, and security for consumers. ETA's policy priorities in DC, the states, and Canada reflect these goals and create a strong positive policy environment for payments," said Jodie Kelley, CEO of ETA.
At ETA, we are committed to fostering a policy landscape that safeguards consumers and supports innovation. Our policy agenda for 2024 focuses on the following key areas:<
Artificial Intelligence - The payments industry leads in adopting technologies, including AI and machine learning, to enhance consumer experience by improving security and reducing friction in transactions. Over the last decade, the deployment of AI tools has revolutionized payment speed and security, benefiting both the industry and consumers.
ETA encourages policymakers to:
Digital Assets – Digital assets, including payment stablecoins, are part of a series of innovations in payments that have the potential to increase choice and optionality for consumers and businesses.
ETA encourages the adoption of a balanced regulatory framework that protects consumers and encourages ongoing innovation, avoiding overly restrictive measures and aligning regulations with the specific risks and applications of digital assets. Specifically, ETA supports public policies built around five core principles:
Open Banking - Open banking has potential and, if regulations are implemented appropriately, could facilitate payments and benefit consumers by providing them with more robust information and insight into their finances.
ETA champions open banking policies characterized by:
Privacy - Protecting consumer privacy remains a vital aspect of maintaining trust in the payments industry. With a longstanding commitment to privacy and a proactive stance against fraud, the industry continuously innovates in fraud detection and prevention. ETA advocates for privacy laws that are principle-based and harmonized, ensuring consistency and predictability for consumers.
Essential features of any privacy or data protection standard should include:
ETA remains dedicated to guiding the payments technology industry toward a future where innovation, security, and inclusion converge, benefiting all stakeholders in the digital economy.
Media contact: Scott Talbott, stalbott@electran.org
About ETA
The Electronic Transactions Association (ETA) is the world's leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbent players to emerging disruptors in the U.S. and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $44 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers. www.electran.org SOURCE Electronic Transactions Association (ETA)
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information: bankcardlife.com?orid=33533&opid=1 .
Source: Company press release.
Fiserv publishes 2024 Thanksgiving holiday spend insights
Ant deepens payments, digitalisation
BHN launches Roblox digital gift cards in Mexico
Billtrust a Leader in IDC MarketScape for AR automation
BofA credit, debit cards now enabled with Paze
Plume, Credible team up on DeFi-powered financing
Allegion supports mobile credentials on Google smartwatches
Cryptocurrency market to grow by $34.5B (2024-2028)