A handful of technology giants -- including Apple, Amazon, Google, PayPal, and Intuit -- have announced a partnership in the formation of the Financial Innovation Now coalition (via Re/code). The group aims to promote tech-friendly policies and changes within the financial services sector in Washington, D.C. Those behind the group will work to alter the political debate on relevant issues like tech security, mobile payments, and fraud prevention in the favor of its partners.
“A technological transformation is going to make financial services more accessible, more affordable and more secure,” said Brian Peters, executive director of Financial Innovation Now. “The challenge in Washington is making sure policy-makers understand that, and they’re comfortable with it, and they don’t apply old rules to new technology.”
Thanks to the growing popularity of mobile payments solutions like Apple Pay, Google Wallet, and PayPal, the companies behind such services are positioning themselves as part of the future in financial services discussions in Washington, since they're more part of the conversation than ever before. The partnership also intends to work together to achieve blanket improvements for each individual service in topics like user security and authentication, faster payment processing, and "access to basic financial services for the two billion people in the world who are underserved."
Note: Due to the political nature of the discussion regarding this topic, the discussion thread is located in our Politics, Religion, Social Issues forum. All forum members and site visitors are welcome to read and follow the thread, but posting is limited to forum members with at least 100 posts.
Top Rated Comments
Google, can you look up the definition of privacy before getting involved with this?
Apple, Agree to nothing unless privacy and security is central to any decision made.
Talking of not applying old rules to new technology sounds like squirming. It reminds me of Uber and their trying to duck out of having licenced drivers, or AirBnb and their trying to duck out of costly regulations.
And what an odd alliance. There is Apple, whose CEO has repeatedly stressed the importance of privacy. Contrast to Google, who have openly derided the idea of privacy. Talk about sleeping with the enemy.