Bill > A00837

This bill establishes the "Empire State Enhanced Public Payment System," a state-managed digital payment platform designed to provide New York residents with a secure, fee-free method of storing, transferring, and managing funds. The system would create a digital master account linked to individual digital "wallets" that enable residents to receive state benefits, make payments, and transfer money in real-time without transaction fees. The Department of Financial Services would develop and maintain this platform in cooperation with multiple state agencies, including the Department of Taxation and Finance and the Department of Social Services. Key provisions include requiring banks and financial institutions to ensure interoperability with the digital wallets, developing a free smartphone application for accessing the system, and implementing strict data privacy protections. The bill aims to address issues of identity theft, financial exploitation, and economic marginalization by providing a state-administered payment infrastructure that allows residents to accumulate and exchange value more efficiently. The system would be administered by the New York State Urban Development Corporation and designed to potentially expand to other states in the future, with built-in safeguards to protect user privacy and prevent unauthorized data sharing.

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https://www.nysenate.gov/legislation/bills/2025/A837