With Apple Pay, Google Wallet and other services transforming the way people carry out transactions, Apple has joined forces with four other companies to ensure that lawmakers don’t end up ‘inadvertently’ stifling innovation in the financial services field.

Technology industry leaders Amazon, Apple, Google, Intuit and PayPal today announced the formation of Financial Innovation Now, a coalition that will promote policies to help foster greater innovation in financial services.

While the new organization uses relatively diplomatic language, it’s pretty clear that the aim is to ensure that politicians don’t screw things up by introducing poorly thought-out legislation, like the infamous example proposed by Democratic Rep. Joshua Peters … 

Back in January, the Missouri lawmaker proposed a new law that would require shoppers to show photo ID whenever they used a mobile wallet service like Apple Pay, with clerks obliged to record the ID details before processing the transaction.

Brian Peters, Executive Director of Financial Innovation Now, says that the lobbying group wants to help lawmakers understand modern payment technologies.

Financial Innovation Now wants policymakers to understand how new technologies can help solve today’s policy challenges […]

The regulatory environment must allow these new innovations to enter and compete in the marketplace. We look forward to working with policymakers to promote the adoption of new services, many of which are already bringing significant benefits to consumers and small businesses today.

The group plans to lobby lawmakers to modernize the financial services system through better security and real-time payment processing.

Apple is continuing to expand Apple Pay, with an ever-growing list of new banks in the U.S. plus further international expansion. The company recently reported double-digit monthly growth.

Via Re/code

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Ben Lovejoy

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