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Four senators yesterday announced the unveiling of the bipartisan Senate Payments Innovation Caucus to explore technologies in the payments industry and address issues concerning data security, consumer protection and electronic payments.

The caucus was announced by Sens. Gary Peters, D-Mich., Mike Rounds, R-S.D., Tom Carper, D-Del., and Johnny Isakson, R-Ga. It will focus on educating staff and senators on payments industry issues.

The senators note that nearly 70 percent of consumer spending is done using electronic payment methods – electronic payment methods include credit, debit and prepaid cards, mobile payments – and electronic consumer spending continues to grow. By 2017, it is expected to reach an estimated $7.3 trillion, they said.

Such technologies, they noted, can help increase access to services for unbanked and underbanked consumers and help lower-income Americans save and manage their finances.

In March, Reps. Lynn Westmoreland, R-Ga., Randy Neugebauer, R-Texas, David Scott, D-Ga., and Kyrsten Sinema, D-Ariz., formed the bipartisan Congressional Payments Technology Caucus in the House.