Transaction Trends

ETA looks forward to welcoming the Biden Administration and the 117^th Congress as we advocate for legislative and regulatory outcomes that foster innovation and growth of the payments industry.

The digital payments industry is one of the most innovative, dynamic, competitive industries that exists today, leveraging a sophisticated, interconnected infrastructure to deliver financial products and services that benefit consumers, businesses, and the American economy.

Over the next year, ETA will proactively educate policymakers to deepen their understanding of the payment industry around our 2021 policy priorities.

Privacy
Protecting consumer privacy is a crucial element of maintaining trust in the payments industry. ETA supports privacy laws that are principles-based and harmonized to ensure predictability and consistency for consumers.

• Support uniform national privacy laws and ensure the recognition of fraud-prevention efforts.

Coronavirus Response
Helping individuals and small businesses navigate the pandemic is a pressing need. ETA supports policies that provide needed support and stimulate the economy and ensure that tools of the modern payments industry are used to help distribute stimulus monies quickly and securely to individuals and businesses alike.

• Support additional COVID stimulus money to help consumers and small businesses.
• Support government utilizing current payment products to distribute emergency funds or additional benefits.

A Regulatory Environment That Encourages Innovation
Regulations set the tone for innovation. ETA supports a positive regulatory environment that encourages continued innovation in new products and services while ensuring consumers are adequately protected.

• Support for FinTech charters and regulatory sandboxes.
• Support innovation that has reduced banking deserts.
• Support the shift to a more digitized economy with current infrastructure.
• Support the strengthening of online small business lending by providing certainty and continuity to on-line, small business lending (Madden-fix/True lender).

Diversity, Equity and Inclusion
ETA believes in a society that is equitable and inclusive. We know that to create the best payments industry- both as employers and participants- we must leverage the benefits of diverse skills and perspectives.

• Support policies that encourage diversity, equity and inclusion, and in our own businesses seek diverse perspectives and skills– all of which will lead to better outcomes for the payments industry, consumers and merchants who use it.

Artificial Intelligence/Machine Learning
FinTech has developed advanced tools to combat fraud, improve access to credit, and reduce operational costs, all of which help consumers and small businesses.

• Support for the continued use of artificial intelligence and machine learning.

Modern Trade Agreements
The global economy demands open and fair trade to allow payments, products, and information to cross borders.

• Support trade agreements to recognize the value of international transactions.
• Support trade agreements that foster information/data flows and prohibit data localization requirements.

Twenty First Century Workforce
A vibrant workforce benefits the economy, strengthening U.S. businesses by increasing productivity and stimulating innovation. ETA supports policies that allow U.S. companies to access needed talent and remain globally competitive.

• Support for increased H-1b visas.
• Support 21st Century Workforce issues.

Smart Security
Protecting the payments industry, and the businesses and individuals who rely on it, from fraud is paramount. ETA supports policies that encourage the private sector to continue to develop the robust measures that are critical to the security of the payments ecosystem.

• Oppose efforts to codify a specific technology as the payment’s security measure.
• Encourage innovation for new technologies to be used in reducing fraud.
• Support usage of individual digital identities.

Intellectual Property
New ideas are the lifeblood of innovation. ETA supports policies that promote an efficient IP system that appropriately protects that innovation.

• Renew Covered Business Method patent provision in the AIA to allow for re-examination of business method patents issued to the financial services industry.