EPC Statement on House Energy and Commerce Mobile Payments Hearing
Today the House of Representatives Committee on Energy and Commerce Subcommittee on Commerce, Manufacturing, and Trade held a hearing to discuss the mobile payments landscape.
Mobile payment solutions, such as Apple Pay, Samsung Pay and others increase security, competition and consumer choice. For years the payments industry has been a leader in mobile payments and has worked with cross-industry partners to introduce new payments methods and develop security solutions that work across a wide range of platforms.
These security solutions include more secure ways to verify your identity, such as biometrics, and to make the data you transmit less valuable, with technology like encryption and tokenization.
While mobile payments greatly enhance our ability to protect transactions, we also need common sense data security standards that will help ensure that retailers, financial institutions and networks treat consumers’ financial data with care.
More information is available at www.electronicpaymentscoalition.org.
About the Electronic Payments Coalition
The Electronic Payments Coalition (EPC) includes credit unions, banks, and payment card networks that move electronic payments quickly and securely between millions of merchants and millions of consumers across the globe. EPC’s goal is to protect the value, innovation, convenience and competition in today’s growing electronic payments system. EPC educates policymakers, consumers and the media on the system’s role in economic growth, and the importance of protecting consumer choice and stability for the continued growth of global commerce.