Electronic Payments Coalition (EPC) Executive Chairman Richard Hunt has expressed approval for President Donald Trump's recent Executive Order aimed at enhancing payment efficiencies. Hunt highlighted the safety and convenience of credit card payment networks, describing them as "the safest, most secure, most convenient way for Americans to make payments." He praised the Administration's efforts to ensure financial security and enhance government payment efficiency.
Hunt criticized those attempting to weaken credit card networks for the benefit of large corporate stores that he claims have raised prices on American families. Instead, he urged supporters of the Durbin-Marshall mandates to recognize the advantages electronic payments bring to the U.S. economy. According to Hunt, credit and debit card payments facilitated $12 trillion in economic activity last year while safeguarding households and small businesses from fraud.
The EPC recently released a document detailing the cost-saving benefits of using credit and debit cards compared to cash or checks. This report noted that small businesses, local governments, and National Parks are increasingly opting for card payments over traditional methods due to their enhanced security and efficiency.
The coalition advocates for investments in new technologies and the establishment of national data security standards to strengthen the payment system further.