Electronic Payments Coalition |
A Message to New Members of the 118th Congress: Electronic Payments Have Never Been More Valuable to America’s Economy
Electronic payments are the cornerstone of America’s economy. They empower consumers, strengthen small businesses, and uphold financial infrastructure. As America’s credit unions, community banks, payment networks, FinTechs, and financial institutions, the Electronic Payments Coalition (EPC) supports the backbone of our economic system—electronic payments—and defends it against threats. As you enter the 118th United States Congress, here’s what you need to know about electronic payments, and what they mean to the American economy: The Value of Electronic Payments The electronic payments system is tremendously valuable to small businesses, financial institutions, and consumers alike. Here’s how: Electronic payments… Bolster Consumer Spending: Consumer spending, which has long been the most important factor in U.S. economic growth, continues to be fueled by the innovation of electronic payments. Even during the COVD-19 outbreak, electronic payments allowed small businesses to pivot to online sales, curbside pick-up, and in-store self-checkout. Protect Consumers’ Data: Payment networks have been at the forefront of consumer data security for years. Following the industry-led transition to EMV chip cards in 2015, U.S. counterfeit card fraud fell by nearly half. Additionally, value lost to counterfeit fraud in the U.S. fell by 46% from 2016 to 2021. As consumer shopping habits continue to shift