Payments Mean Business In America

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: