Oversight Issues in Mobile Payments
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Summary:
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.
Series:
Working Paper No. 14/123
Subject:
Central banks and their policies Communications services Financial services industry Information technology Low-income developing countries Payment systems Risk management Safeguards system
English
Publication Date:
July 15, 2014
ISBN/ISSN:
9781498392051/1018-5941
Stock No:
WPIEA2014123
Format:
Paper
Pages:
35
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