Secure Payments Partnership responds to latest data from Federal Reserve WASHINGTON DC, October 17, 2018 – The Secure Payments Partnership (SPP), a coalition of retailers and payment networks that have joined together to promote greater security and transparency across the payments system, responded to the latest data from the Federal Reserve on the surge in […]
Dear Representative Welch: Thank you for your letter to the Federal Trade Commission calling for vigilant antitrust oversight of standard-setting activities involving the development of mobile payment and
payment security technologies. We appreciate receiving your views and hearing your concerns
in relation to these developing markets. […] The Commission takes seriously the risk that major financial services incumbents might utilize their positions […]
Large merchant-trade groups along with 2 debit-card networks have launched a group that will focus on security standards for card payments. The Secure Payments Partnership will aim for a more-open process in setting security standards through legislation or regulation. The group is comprised of the Star and Shazam debit-card networks and trade associations which represent grocers, convenience stores and retailers large and small.
Retail and payments industry leaders today announced the formation of the Secure Payments Partnership (SPP), a unique partnership formed to promote security across the payments system. SPP marks the first time these interests representing diverse parts of the payments system have joined forces to address the ongoing battle against payment fraud and devise improvements for the U.S. card payment system.
“Many other parts of the world are ahead of us when it comes to mobile transactions. We need to ensure new mobile payment technologies take root and flourish here. One key to these technologies taking off is ensuring the incumbent players in the payments industry do not use their market positions to block the development of these technologies.”