ETA Applauds the Passage of the Second Major Coronavirus Relief Bill
12-21-2020
Washington, D.C. – December 21, 2020 – The following statement is attributed to Jodie Kelley, CEO, Electronic Transactions Association (ETA), after the passage of the coronavirus rescue package.
“ETA applauds the passage of the second coronavirus relief bill and urges Treasury to use the mechanisms provided by the electronic transactions industry to distribute the much-needed relief quickly and securely. There is an urgent need to ensure that Americans and small businesses can swiftly access the new round of economic stimulus funds. Through innovative digital products and services, ETA member companies allow consumers and small businesses to access the funds they need, through the means that are most convenient to them.
We are acutely aware of the hardships that the COVID-19 pandemic continues to impose and are committed to supporting those who have been hardest hit. ETA member companies assisted in the distribution of the earlier Economic Impact Payments (EIP) and additional federal unemployment benefits for consumers, and helped process Paycheck Protection Program (PPP) loans for small businesses. We will continue to assist Treasury as the latest round of funds are made available for distribution.”
The Electronic Transactions Association (ETA) is the leading trade association for the electronic payments industry, representing over 500 companies that offer electronic transaction processing products and services, including credit and debit card processing, peer-to-peer (P2P) products, mobile wallets, and other forms of digital payments.
Every day, ETA member companies create innovative offerings in financial services, spending billions of dollars annually on research and development to develop and deploy new products and services that securely move trillions of dollars each year. During 2019, $7.58 trillion in card volume was processed and an additional $1 trillion was moved over the largest peer to peer networks. Combined these equate to 40% of the U.S. GDP.
About ETA
The Electronic Transactions Association (ETA) is the global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $6 trillion in purchases in the U.S. and deploying payments innovation to merchants and consumers.
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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 the emerging disruptors in the U.S. and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $56.75 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers.
ETAs membership spans the breadth of the payments industry to include independent sales organizations (ISOs), payments networks, financial institutions, transaction processors, mobile payments products and services, payments technologies, and software providers (ISV) and hardware suppliers. For more information, visit electran.org.