Mobile Payments Consumer Policy And The Law
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Mobile Payments Consumer Policy And The Law
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Author : Nwanneka Ezechukwu
language : en
Publisher: Routledge
Release Date : 2023-03-17
Mobile Payments Consumer Policy And The Law written by Nwanneka Ezechukwu and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-03-17 with categories.
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.
Mobile Payments Consumer Policy And The Law
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Author : Nwanneka V. Ezechukwu
language : en
Publisher: Taylor & Francis
Release Date : 2023-03-17
Mobile Payments Consumer Policy And The Law written by Nwanneka V. Ezechukwu and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-03-17 with Law categories.
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.
Mobile Payments
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Author : Elizabeth Eraker
language : en
Publisher:
Release Date : 2017
Mobile Payments written by Elizabeth Eraker and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
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.
The Legal Framework Of Mobile Payments
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Author : Mark Elliott Budnitz
language : en
Publisher:
Release Date : 2016
The Legal Framework Of Mobile Payments written by Mark Elliott Budnitz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
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.
The Law And Regulation Of Payment Services
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Author : Rhys Bollen
language : en
Publisher: Kluwer Law International B.V.
Release Date : 2012-07-01
The Law And Regulation Of Payment Services written by Rhys Bollen and has been published by Kluwer Law International B.V. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-01 with Law categories.
There is a widespread demand among businesses for more convenient and reliable international payment products, and inevitably this has led to calls for more predictable and consistent regulation of these products, especially in the light of such innovations as online payments and ‘stored value’ cards. Recognizing that recurring risks tend to be dealt with in similar ways by most legal regimes, this study – the first of its kind – draws on a detailed analysis of the strengths and weaknesses of existing regimes to develop an international model which incorporates both the legal elements and their practical application. In building his model, the author addresses the fundamental questions in the law of payment services: Who bears the risk of unauthorised payments? What must be done about claims of error? When are payments completed so that they discharge the underlying liability? When can payments be reversed? These issues are examined through in-depth descriptions of payment facilities as regulated in five key jurisdictions – Australia, the United Kingdom, the European Union, Singapore, and the United States – under the headings of scope, licensing, disclosure, obligations of the parties, liability, redress, and dispute resolution. The five regimes are further measured against the key harmonization project in this field, the UNCITRAL Model Law on Credit Transfers. The discussion is illustrated with analyses of leading cases and a number of worked examples. In summary, this very useful book synthesizes a logical and useful package of regulatory measures into a model that takes into account the lessons learnt in the regulation of payment services. Businesses will warmly welcome the study’s contribution toward reducing the cost of taking a product to market across multiple jurisdictions. Policymakers and legislators will find the task of comparing the various approaches to payment services regulation and analyzing their effectiveness greatly facilitated.
Law And Regulation Of Mobile Payment Systems
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Author : Joy Malala
language : en
Publisher: Routledge
Release Date : 2017-11-28
Law And Regulation Of Mobile Payment Systems written by Joy Malala and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-11-28 with Law categories.
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.
Consumer Protection For Mobile Payments In Kenya An Examination Of The Fragmented Legislation And The Complexities It Presents For Mobile Payments
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Author : Joy Malala-Scholz
language : en
Publisher:
Release Date : 2014
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 has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
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.
Bitcoin And Mobile Payments
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Author : Gabriella Gimigliano
language : en
Publisher: Springer
Release Date : 2016-07-25
Bitcoin And Mobile Payments written by Gabriella Gimigliano and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-25 with Business & Economics categories.
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.
Consumer Policy Guidance On Mobile And Online Payments
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Author : Organisation for Economic Co-operation and Development
language : en
Publisher:
Release Date : 2014
Consumer Policy Guidance On Mobile And Online Payments written by Organisation for Economic Co-operation and Development and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Science and Technology categories.
The OECD Committee on Consumer Policy has issued this policy guidance to boost consumer protection when using mobile and on-line payment systems and to identify ways in which policy makers and businesses can work together to strengthen consumer protection while spurring innovation in the marketplace. The guidance addresses a number of key issues in the emerging mobile and online payment area, including the need to establish minimum levels of consumer protection across payment mechanisms, enhanced privacy and child protection, and standards for transparent and accessible information disclosures.
Impact Of Mobile Payment Applications And Transfers On Business
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Author : Opati, Thaisaiyi Zephania
language : en
Publisher: IGI Global
Release Date : 2019-12-20
Impact Of Mobile Payment Applications And Transfers On Business written by Opati, Thaisaiyi Zephania and has been published by IGI Global this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-12-20 with Business & Economics categories.
Consumers continue to rely heavily on their phones to complete such tasks as transferring funds between banks or accounts, depositing or withdrawing funds, paying bills, and purchasing items. Mobile money users are oftentimes more financially resilient and can protect themselves better against economic and other shocks. Moreover, mobile money can increase the velocity of money in circulation because it reduces the transactions and time costs of making retail payments. As such, understanding the impact of mobile payments is imperative for businesses and the economy. Impact of Mobile Payment Applications and Transfers on Business is a pivotal reference source that provides vital research on mobile money transfer and its impact in social, corporate, and micro- and macro-policies concerning the aggregate economy and individual households as a whole within an economy. It covers the impact, innovations, business-to-business transformations, regulatory framework, challenges, and ethical issues surrounding mobile money transfers around the world. This book is ideally designed for economists, financial analysts, business managers, leaders, scholars, practitioners, researchers, and students in fields that include management, finance, economics, commerce, and leadership.