I'm probably missing something but why would the industry back this?
The device manufacturer side of the industry probably wouldn't back it. The people who do the integration work would though. They're the ones who actually benefit from it.
I remember listening to a podcast with the Braintree founder and he had mentioned how they worked with the other payment providers out there to create some shared, common standards. This type of competition / co-opetition does happen from time to time (also see Lyft and Uber also co-lobbying governments together).
No idea how this would work for this industry though
The device manufacturer side of the industry probably wouldn't back it. The people who do the integration work would though. They're the ones who actually benefit from it.