Four House lawmakers announced Thursday that they had formed a bipartisan group to focus on "the new and innovative technologies in the payments industry."

The Congressional Payments Technology Caucus was founded by Reps. Lynn Westmoreland R-Ga., Randy Neugebauer R-Tex., David Scott R-Ga., and Krysten Sinema D-Ariz.

"Global technology is growing and changing at a rapid pace and has a dramatic effect on our consumer payment systems and cyber security," Rep. Westmoreland said in a released statement.

The Georgia Republican added that the caucus will help keep members of Congress informed on payment technology issues and serve as a forum for new legislative proposals.

It already has earned the backing of some industry groups.

"As the trade association of more than 500 U.S. payments technology companies, ETA applauds the leadership of Representatives Westmoreland, Scott, Neugbauer, and Sinema," said Jason Oxman, the chief executive of the Electronic Transactions Association, in the Congressional release heralding the caucus's creation.