Rivals Amazon, Apple and Google have put their differences aside in support of technology in the financial services sector. The Washington-based coalition, dubbed Financial Innovation Now, is aimed at promoting tech-friendly legislation that have an impact on a number of its member companies’ services -- such as Apple Pay and Android Pay.
Online payment service providers PayPal and Intuit are also members of the group. Financial Innovation Now expects to weigh in on a number of issues surrounding technology and financial services, such as fraud prevention, security, real-time payments, basic access to financial services and online lending.
“This alliance of remarkably innovative companies brings a new voice to Washington’s financial conversations, and we look forward to engaging on a wide range of opportunities,” Brian Peters, executive director of Financial Innovation Now, said in a press statement. “Whether it is protecting consumers, growing small businesses, or promoting financial literacy and savings, Financial Innovation Now wants policymakers to understand how new technologies can help solve today’s policy challenges.”
Mobile payment services have rapidly popped up over the past couple of years, such as Apple Pay, Android Pay and Samsung Pay, which rely on smartphones and smartwatches to facilitate in-store and in-app payments. Apple Pay, which launched in 2014, is supported by hundreds of banks and is expected to be accepted in 1.5 million U.S. retail locations by the end of 2015.
PayPal’s peer-to-peer mobile payment app, Venmo, also made a big splash in the three months ended Sept. 30, with a total of $2.1 billion in transactions processed, compared to $1.6 billion in the previous quarter ended June 30.
Financial technology could be a big business and a potential threat to traditional financial services. Goldman Sachs estimates that financial tech companies and startups could eventually account for $4.7 trillion of revenue, according to the Economist.