The Mobile money transfer services: The next phase in the evolution in person-to-person payments white paper published by Retail Payments Risk Forum, has presented an overview of both the current mobile payments industry in the US and the risks that involve using such devices for carrying out payments.
One of the white paper’s considerations is that the new mobile environment requires dialogue between the regulatory authorities for financial services and telecom firms. Thus, according to the white paper, it is necessary to establish new regulatory concepts of electronic money regulation. In addition, an oversight infrastructure for mobile payments, including the financial services of telecom firms, should be established, as the white paper has revealed.
Furthermore, the same source has highlighted that cross-border mobile payments may require improved customer-data sharing on an international basis, a direct result of the possible mass-adoption of this payment services in the US market.
Additionally, another consideration published in the white paper is that US mobile payments services providers should be required to establish programs to mitigate the risk of money laundering. Therefore, according to the white paper, all service providers, including telecoms, are expected to establish risk management programs commensurate with the risk in their service offering.
Finally, Retail Payments Risk Forum’s white paper has pointed out that converged regulatory authorities should examine consumer protection risks for potential gaps in regulatory oversight. In order to prevent consumer confusion in error resolution scenarios, the white paper’s publishers consider that it may be necessary to reexamine the applicability of Regulation E protections to stored-value payments.
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