Recommendation
Congress should accelerate the adoption of mobile payment technology.
Details
The United States lags significantly behind other countries in adopting mobile payments, in part because it does not have a digital single market for payments and other interstate financial products. Lack of harmonization and coordination between states on financial regulation creates excessive costs for fintech companies operating across jurisdictions. By standardizing national-level banking regulations, encouraging new services through fintech regulatory sandboxes, and facilitating mobile payment options for such government services as transit, Congress can significantly help advance mobile payment technology.
Keep reading:
▪ Robert D. Atkinson, et al., “Digital Policy for Physical Distancing: 28 Stimulus Proposals That Will Pay Long-Term Dividends” (ITIF, April 2020), https://itif.org/publications/2020/04/06/digital-policy-physical-distancing-28-stimulus-proposals-will-pay-long-term.