Government officials are planning to launch a new online payments platform that will allow people to spend their credit cards in more convenient ways, including with an electronic debit card.
The launch is part of a broader push to streamline the nation’s financial system as the nation moves toward more flexible and digital payments, which will also help improve the way Americans spend money online, according to the U.S. Department of the Treasury.
Treasury Department has said it is looking to create a platform that “enables customers to use their debit card to make purchases at select retailers and other payment institutions.”
“Today’s announcement is a major step in that direction,” a Treasury Department spokesperson told Business Insider.
“We are working with a number of leading global retailers to develop a payment platform that is more efficient, secure, and easy to use.
We’re committed to making this platform available to all of our customers.”
A new online payment platform will also offer customers a variety of different payment options, the spokesperson said.
The move will come as the government continues to expand online payments and has already said it plans to introduce a new way to use a debit card, which the government previously announced as part of the Digital Payment Revolution plan.
According to the new platform, customers will be able to choose their preferred payment method from a variety and types of payment options.
The platform will be available for both debit and credit cards.
The new online platform will allow users to “make transactions online, pay for products and services, and send money from one card to another,” the spokesperson told reporters.
The government also plans to “develop a new generation of digital payment options for merchants to better compete with each other, which are essential to our efforts to reduce consumer spending and support economic growth.”
“These changes will help reduce the cost of goods and services and reduce transaction fees,” the Treasury spokesperson added.
Payments via the new digital platform are expected to be available starting in the first quarter of 2018.
The official launch is a milestone for the U, but it’s also a long way from what the government hopes for.
The digital payments platform will “provide a more efficient and cost-effective way for consumers to use credit cards,” the Department of Treasury spokesperson told The Hill.
“The government will work with merchants to ensure they use credit card technology and offer innovative and efficient payment options that are compatible with the new marketplace.”
The new platform will enable “a wider range of payment choices,” including the ability to make payments via the Apple Pay mobile payments app, according the spokesperson.
It also will offer consumers “a variety of payment methods, including online purchases, gift cards, and credit card payments.”
In the new platforms, customers can make payments in the “best possible way for their own convenience and ease,” the department added.
The Department of Justice also announced plans in the wake of the recent cyberattack that will see millions of Americans affected by the breach, which also resulted in the theft of credit card numbers from customers who had their information stolen.