Today, U.S. Senators Gary Peters (D-MI), Mike Rounds (R-SD), Tom Carper (D-DE) and Johnny Isakson (R-GA) announced the formation of the Payments Innovation Caucus in the U.S. Senate. The new caucus will play an important role in educating Senators and their staff on new, increasingly mobile technologies in the payments industry and the policy priorities associated with such innovation and developments in consumer behavior. In a letter to their colleagues, Senators Peters and Rounds wrote, “The ubiquity of smart phones is changing the way consumers access financial services, make payments, shop, and make financial decisions. Ensuring these new technologies are developed, refined, and deployed in the United States is critical to our global competitiveness. Additionally, ensuring the security of these systems is vital to keeping our financial system safe and strong.”

The announcement comes three weeks after members of the U.S. House of Representatives launched the Congressional Payments Technology Caucus (CPTC). Representatives Lynn Westmoreland (GA-03), Randy Neugebauer (TX-19), David Scott (GA-13), and Kyrsten Sinema (AZ-09) introduced the CPTC to keep Congress informed on issues affecting the payments industry and consumers alike.

As a global leader in mobile commerce, PayPal helps people transact anytime, anywhere and in any way. PayPal applauds this initiative and looks forward to working with the caucuses in both chambers on issues relevant to mobile payments, innovative payments technologies, data security, and more.