Download or read book Mobile Payments Consumer Policy and the Law written by Nwanneka Ezechukwu and published by Routledge. This book was released on 2023-03-17 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mobile technology offers an innovative and cost-effective channel for delivering a range of financial services, including mobile payments. In some jurisdictions, mobile payments simply provide a convenient option for facilitating payment transactions. In other jurisdictions, mobile payments are viewed as potentially transformative because they present an opportunity to expand access to financial services. However, as with other innovations, mobile payments raise consumer protection concerns and require robust regulatory mechanisms to address such concerns. Against this backdrop, the book adopts a typology of consumer policy tools which can be used to address the identified consumer concerns. This typology guides the enquiry into the existing consumer protection frameworks applying to mobile payments in selected jurisdictions (Canada, Kenya, and the United Kingdom). The main objective of this endeavour is to identify best practices that national authorities seeking to leverage mobile payments and similar innovations can emulate. This book will be of interest to policymakers, regulators, industry stakeholders, students and scholars interested in the regulation of innovative financial services, particularly from a consumer protection perspective.
Download or read book Mobile Payments Consumer Policy and the Law written by Nwanneka V. Ezechukwu and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book will be of interest to policymakers, regulators, industry stakeholders, students and scholars interested in the regulation of innovative financial services, particularly from a consumer protection perspective"--
Download or read book Mobile Payments Consumer Policy and the Law written by Nwanneka V. Ezechukwu and published by Taylor & Francis. This book was released on 2023-03-17 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mobile technology offers an innovative and cost-effective channel for delivering a range of financial services, including mobile payments. In some jurisdictions, mobile payments simply provide a convenient option for facilitating payment transactions. In other jurisdictions, mobile payments are viewed as potentially transformative because they present an opportunity to expand access to financial services. However, as with other innovations, mobile payments raise consumer protection concerns and require robust regulatory mechanisms to address such concerns. Against this backdrop, the book adopts a typology of consumer policy tools which can be used to address the identified consumer concerns. This typology guides the enquiry into the existing consumer protection frameworks applying to mobile payments in selected jurisdictions (Canada, Kenya, and the United Kingdom). The main objective of this endeavour is to identify best practices that national authorities seeking to leverage mobile payments and similar innovations can emulate. This book will be of interest to policymakers, regulators, industry stakeholders, students, and scholars interested in the regulation of innovative financial services, particularly from a consumer protection perspective.
Download or read book The Legal Framework of Mobile Payments written by Mark Elliott Budnitz and published by . This book was released on 2016 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: American consumers increasingly use their mobile devices to pay for goods and services. Technological developments have led to rapid changes in mobile payment products. The law, however, has not kept pace. This article describes the legal framework that applies to mobile payments.The article examines the three stages of mobile payments: Stage 1 considers the law that applies to consumers who enter into contracts for the provision of mobile payment services. The article first describes the complex regulatory environment in which mobile payments occur. The focus of this part is on consumers who contract online. Stage 2 explores the law that relates to consumers' use of mobile devices to make payments. Differences in the legal treatment of payments made with credit, debit and prepaid card accounts are analyzed. This part also reviews the law applicable to the many parties involved in mobile payments, including banks, non-banks, wireless carriers, payment processors and third-party service providers. Stage 3 describes problems consumers encounter when making payments with mobile devices, including privacy invasions, security breaches, and unauthorized payments. The article examines the sufficiency of laws consumers can use to remedy these problems.At each stage, the article highlights the gaps where no law applies, ambiguities where it is not clear whether or how a law applies, and overlap in which two or more laws apply to the same situation or more than one government agency has legal authority over the same type of conduct. The article concludes by discussing the various options available to lawmakers.Support for this project was provided by The Pew Charitable Trusts. The views expressed herein are those of the author and do not necessarily represent the views of The Pew Charitable Trusts.
Download or read book Mobile Payments written by Elizabeth Eraker and published by . This book was released on 2017 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ubiquity of mobile phones has long promised to spell the success of mobile payment platforms -- a world in which the phone is a universal currency and no one needs plastic. While such predictions have proven mostly fruitless in the past, there is increasing evidence that the next few years may bring a fundamental shift towards mobile payment systems. The emergence of mobile payments promises substantial benefits for consumers. In the developed world, where the market for mobile telephony is mature, mobile payment systems have the potential to upset the existing balance between merchants and payment companies and provide new conveniences to consumers. For instance, m-payments may give merchants more ability to interact directly with the consumer, through in-store promotions and rewards that are delivered directly to the mobile device. In developing countries, the explosive growth of mobile payment systems demonstrates the potential for such systems to transition unbanked and poor communities into mainstream financial services. Along with the hype accompanying this trend, some caution may be warranted. The shift to mobile payments has enormous implications for privacy, as unregulated entities, or businesses traditionally regulated under some other sectoral scheme, such as telecommunications, will have access to increasing amounts of financial and transactional data once only held by banks and transaction processors. In addition, regulators charged with overseeing mobile payment platforms face the challenge of identifying a framework that effectively regulates nonbank entities -- ones without the culture or deep experience with security found in other sectors -- that are nevertheless offering financial services bordering on those provided by traditional banking institutions.Ensuring an adequate level of consumer safeguards while allowing for experimentation and innovation in a burgeoning industry was the topic of a conference that we helped organized with colleagues from the University of Washington School of Law entitled, Mobile Payments: Global Markets, Empowered Consumers and New Rules? This article summarizes the consumer protection and innovation issues raised by mobile payments and discussed at the conference.
Download or read book Developing the Framework for Safe and Efficient Mobile Payments written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2013 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Consumer Protection for Mobile Payments In Kenya an Examination of the Fragmented Legislation and the Complexities it Presents for Mobile Payments written by Joy Malala-Scholz and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Innovation has been at the forefront of development in Kenya, primarily through the integration of mobile telephony and retail financial services. Mobile payments have transformed the way financial services have been delivered in Kenya, through bringing a large number of 'unbanked' and 'under banked' 1 persons into the financial realm. These new technologies have almost always outpaced governments' regulatory responses to them. The lack of specific legislation in this area has consequently left the Kenyan regulatory environment open to various risks to consumers. As mobile payments comprise both banking and telecommunications activities, differing perspectives exist on the appropriate regulatory framework as well as which authority should regulate it. To enhance the potential benefits from innovations in this area, governments need to make complementary adjustments to domestic banking and financial regulations by offering specific regulation for mobile payments. In so doing, certain questions should be asked in establishing a strong consumer protection regime as the mobile payments system has brought forth new entrants and various stakeholders. Among these questions include whether the stored value held in banks by consumers is a deposit, therefore subject to bank supervision, oversight and protection. Therefore this paper discusses consumer protection as a major justification for establishing a specific and appropriate regulatory framework for mobile payments in Kenya.
Download or read book Law and Regulation of Mobile Payment Systems written by Joy Malala and published by Routledge. This book was released on 2017-11-28 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last ten years mobile payment systems have revolutionised banking in some countries in Africa. In Kenya the introduction of M-Pesa, a new financial services model, has transformed the banking and financial services industry. Giving the unbanked majority access to the financial services market it has attracted over 18 million subscribers which is remarkable given that fewer than 4 million people in Kenya have bank accounts. This book addresses the legal and regulatory issues arising out of the introduction of M-Pesa in Kenya and its drive towards financial inclusion. It considers the interaction between regulation and technological innovation with a particular focus on the regulatory tools, institutional arrangements and government decisional processes through the examination as a whole of its regulatory capacity. This is done with a view to understanding the regulatory capacity of Kenya in addressing the vulnerabilities presented by technological innovation in the financial industry for consumers after financial inclusion. It also examines the way that mobile payments have been regulated by criticising the piecemeal approach that the Central Bank of Kenya has taken in addressing the legal and regulatory issues presented by mobile payments. The book argues there are significant gaps in the regulatory regime of mobile banking in Kenya.
Download or read book The Role of Internet Intermediaries in Advancing Public Policy Objectives written by OECD and published by OECD Publishing. This book was released on 2011-09-14 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a comprehensive view of Internet intermediaries, their economic and social function, development and prospects, benefits and costs, and roles and responsibilities.
Download or read book Digital Innovation in Financial Services written by Phoebus L. Athanassiou and published by Kluwer Law International B.V.. This book was released on 2016-04-24 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumer behaviour is rapidly trending towards the use of digital devices as instruments through which to transact day-to-day business. This original and timely book shows how this trend creates new opportunities not only for retail consumers but also for financial service providers, regulators and central banks. The author offers a comprehensive overview of these opportunities and their countervailing legal and regulatory challenges. The author describes and analyses in unprecedented detail the application of digital financial innovation (FinTech), and some of its core manifestations, including virtual currencies, Blockchain and distributed ledger technologies to the delivery of financial services, in areas such as: – payments; – securities clearing and settlement; – central banking; – real-time access to financial information; – instant completion of core financial transactions; – data validation and reconciliation processes; and – digital contracting (smart contracts). Also clarified are the legal and other barriers to be overcome – including cybersecurity and risks to privacy – before any widespread adoption of digital innovation in the highly regulated financial sector context can occur. As an informed assessment of the legal merits and risks of technological innovation for financial service providers and central banks, and as a contribution to establishing a conceptual framework within which to analyse and better understand the applications of digital innovation to the financial sector, this practical work is bound to be welcomed by legal practitioners and legal scholars alike with an interest in financial services. Policymakers and regulators will also appreciate its guidance on how to temper the less benevolent aspects of FinTech with targeted, risk-focused regulation, so as to promote innovation and preserve the potential benefits for financial markets and their participants alike.
Download or read book Bitcoin and Mobile Payments written by Gabriella Gimigliano and published by Springer. This book was released on 2016-07-25 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a critical analysis of The European Union’s regulatory framework for mobile payments and bitcoin. Chapters discuss the creation of the EU single market for e-payments and combine legal analysis with comparative case studies in their exploration of the regulatory challenges surrounding e-payments. The contributing authors analyse the key economic and legal issues of the development of bitcoin and mobile payments within the EU framework through a comparative lens. They cover topics ranging from user data and funds protection and the stability of the payment system to the competitiveness of the EU market. Providing a comprehensive and methodological guide to the bitcoin and mobile payments in Europe, this book will prove an illuminating and informative read for academics, students and policy makers with an interest in the impact of innovation on payment systems.
Download or read book Apple Pay Bitcoin and Consumers written by Mark Edwin Burge and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book General Principles for International Remittance Services written by Group of Ten. Committee on Payment and Settlement Systems and published by . This book was released on 2007 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Oversight Issues in Mobile Payments written by Tanai Khiaonarong and published by International Monetary Fund. This book was released on 2014-07-15 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines oversight issues that underlie the potential growth and risks in mobile payments. International experience suggests that financial authorities can develop effective oversight frameworks for new payment methods to safeguard public confidence and financial stability by establishing: (i) a clear legal regime; (ii) proportionate AML/CFT measures to prevent financial integrity risks; (iii) fund safeguarding measures such as insurance, similar guarantee schemes, or “pass through” deposit insurance; (iv) contingency plans for operational disruptions; and (v) risk controls and access criteria in payment systems. Such measures are particularly important for low-income countries where diffusion is becoming more widespread.
Download or read book Fintech Regulation in China written by Robin Hui Huang and published by Cambridge University Press. This book was released on 2021-07 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a systematic and contextualized account of China's Fintech regulation.
Download or read book The Consumer Financial Protection Bureau s Semiannual Report to Congress written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2014 with total page 956 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Internet Economy on the Rise Progress since the Seoul Declaration written by OECD and published by OECD Publishing. This book was released on 2013-09-20 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication reviews progress made since the 2008 OECD Seoul Declaration for the Future of the Internet Economy and identifies areas for future work.
