Payments Mean Business In America
6-13-2017
Payments technology is crucial to the economy. Today, 70% of U.S. GDP is attributed to consumer spending, and 70% of consumer spending is done electronically. A one percent increase in payments usage produces an average annual increase in purchases of $100 billion, and annual U.S. card network spending is now over $5 trillion.
For nearly three decades, The Electronic Transactions Association has been the voice of the payments industry. We have created a community of business titans and new entrants, major corporations and vital stakeholders, entrepreneurs and innovators.
We represent payments’ ecosystem as a whole – major technology companies, financial institutions, hardware and software manufacturers, payment networks, payment processing/sales, security companies and lending providers.
ETA is proud to have major tech innovators like Apple, Google, Microsoft and Intel, bedrock international financial institutions like Chase, Capital One, American Express and Wells Fargo, critical networks like Visa, MasterCard and Discover and robust payments processors like First Data, Vantiv and Cayan among our 500+ members. Our members have headquarters in 41 states. These companies provide support to virtually every industry in our country and beyond. It’s no understatement to say that our industry is fundamental to global commerce.
In order to promote this vital part of our economy, we need legislators and regulators who understand the power of payments. ETA was honored to play a role in the launch of the House and Senate Payments Caucus. Because electronic payments drive commerce and are vital to promoting economic growth, stability, and sustainability, ETA and its Government Affairs department is committed to delivering industry insights, access and advanced education to further American leaders’ understanding of electronic payments and its profound importance. ETA believes that strong bipartisan support, deep expertise and robust collaboration are crucial to the success and prosperity of the payments industry and indeed the American and global economies as a whole.
We’d like to thank the members of the Congressional FinTech and Payments Caucus and the Senate Payments Technology Caucus for their support of our industry:
| Congressional FinTech and Payments Caucus
Co-Chair Patrick McHenry (R-NC-10) |
| Co-Chair Randy Hultgren (R-IL-14) |
| Co-Chair David Scott (D-GA-13) |
| Co-Chair Kyrsten Sinema (D-AZ-09) |
| Mike Bishop (R-MI-08) |
| Sean Duffy (R-WI-07) |
| Gwen Moore (D-WI-04) |
| Scott Tipton (R-CO-03) |
| Bill Huizenga (R-MI-02) |
| Mike Coffman (R-CO-06) |
| Bruce Poliquin (R-ME-02) |
| Emanuel Cleaver (D-MO-05) |
| Sanford Bishop (D-GA-02) |
| Frank Lucas (R-OK-03) |
| Blaine Luetkemeyer (R-MO-03) |
| Ed Perlmutter (D-CO-07) |
| Steve Stivers (R-OH-15) |
| Juan Vargas (D-CA-51) |
| Rick Allen (R-GA-12) |
| Rob Woodall (R-GA-07) |
| Doug Collins (R-GA-09) |
| Tom Graves (R-GA-14) |
| Senate Payments Technology Caucus |
| Co-Chair Gary Peters (D-MI) |
| Co-Chair Mike Rounds (R-SD) |
| Co-Chair Johnny Isakson (R-GA) |
| Co-Chair Tom Carper (D-DE) |
| David Perdue (R-GA) |
| Tom Cotton (R-AR) |
| Chris Coons (D-DE) |
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.