Law And Regulation Of Mobile Payment Systems

Author : Joy Malala
Publisher : Routledge
Page : 154 pages
File Size : 52,8 Mb
Release : 2017-11-28
Category : Law
ISBN : 9781351728577

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Law and Regulation of Mobile Payment Systems by Joy Malala Pdf

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.

Author : Rhys Bollen
Publisher : Kluwer Law International B.V.
Page : 304 pages
File Size : 41,7 Mb
Release : 2012-07-01
Category : Law
ISBN : 9789041142078

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The Law and Regulation of Payment Services by Rhys Bollen Pdf

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.

Author : Joy Malala
Publisher : Routledge Research in Finance and Banking Law
Page : 272 pages
File Size : 49,5 Mb
Release : 2019-12-12
Category : Electronic
ISBN : 0367887355

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Law and Regulation of Mobile Payment Systems by Joy Malala Pdf

Based on author's thesis (doctoral - University of Warwick, England, 2014) issued under title: Mobile payments systems in Kenya: a new era or a false dawn?: an examination of the legal and regulartory issues arising 'post' financial inclusions.

Author : Edward A. Morse
Publisher : American Bar Association
Page : 0 pages
File Size : 51,8 Mb
Release : 2018
Category : Business & Economics
ISBN : 1634259629

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Electronic Payment Systems by Edward A. Morse Pdf

This guide explores innovations and the legal and technological questions presented in the banking and payment systems industry. Written by experts in the field, this book provides a topical discussion of the principal electronic payment systems utilized today and how they are ever changing to keep current with changes in technology.

Author : Gabriella Gimigliano
Publisher : Springer
Page : 314 pages
File Size : 51,5 Mb
Release : 2016-07-25
Category : Business & Economics
ISBN : 9781137575128

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Bitcoin and Mobile Payments by Gabriella Gimigliano Pdf

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.

Author : Nwanneka V. Ezechukwu
Publisher : Taylor & Francis
Page : 202 pages
File Size : 54,5 Mb
Release : 2023-03-17
Category : Law
ISBN : 9781000851465

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Mobile Payments, Consumer Policy, and the Law by Nwanneka V. Ezechukwu Pdf

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.

Author : Nwanneka Ezechukwu
Publisher : Routledge
Page : 0 pages
File Size : 47,8 Mb
Release : 2023-03-17
Category : Electronic
ISBN : 0367347067

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Mobile Payments, Consumer Policy and the Law by Nwanneka Ezechukwu Pdf

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.

Author : Sunduzwayo Madise
Publisher : Springer
Page : 423 pages
File Size : 49,5 Mb
Release : 2019-03-26
Category : Business & Economics
ISBN : 9783030138318

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The Regulation of Mobile Money by Sunduzwayo Madise Pdf

The emergence of mobile money and other new forms of payment has changed the sovereign foundations of money. Starting as a Department for International Development funded project in Kenya, mobile money has now spread to many developing countries. This book looks at the regulatory issues that mobile money poses, and the potential risks to the financial system. It undertakes a comparative study of mobile money regimes in Kenya, Malaŵi, Tanzania, and South Africa. Although the main study is on Malaŵi, the lessons learnt are valuable to Sub Saharan Africa in understanding the regulatory issues surrounding mobile money. The main argument that this book makes is that the traditional regulatory architecture of supervising the financial services is ill-suited to supervise new forms of money like mobile money. With no requirement for a bank account, mobile money is not subject to prudential regulation. Mobile money is now considered a key developmental tool to achieve financial inclusion among the poor, rural based, unbanked, and underbanked. As opposed to traditional additive forms of financial inclusion, mobile money is transformative. In most jurisdictions where it has been launched, mobile money has largely been regulated using light-touch, with regulation following innovation. This work, however, proposes an approach based on the concept of really responsive regulation. This approach is best suited to embrace mobile money as it passes from the pre-financial inclusion to the post-financial inclusion phases of its evolution. This book will appeal to students and academics in the financial regulation field.

Author : Tanai Khiaonarong
Publisher : International Monetary Fund
Page : 35 pages
File Size : 45,9 Mb
Release : 2014-07-15
Category : Business & Economics
ISBN : 9781498331579

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Oversight Issues in Mobile Payments by Tanai Khiaonarong Pdf

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.

Author : John Casanova,Max Savoie
Publisher : Edward Elgar Publishing
Page : 272 pages
File Size : 42,7 Mb
Release : 2022-02-28
Category : Electronic
ISBN : 1839107979

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Payment Services by John Casanova,Max Savoie Pdf

The rise of Fintech and crypto-assets in the payments sector presents new opportunities and challenges for firms, regulators and policymakers, and the law is continually changing to keep pace with these developments. This book provides an overview and practical examination of key areas of payments law and regulation in the EU and UK, as well as introductions to analogous legal regimes in the United States, Hong Kong, Singapore and sub-Saharan Africa. Key features include: Practical guidance for firms navigating payments regulation Coverage of a broad range of legal and regulatory issues affecting payments Contributions by leading legal practitioners who advise on the relevant topics on a daily basis Discussion of the latest technological developments in the sector and corresponding regulatory responses. This book will be an essential resource for lawyers, in-house counsel and compliance officers in the payments and Fintech sectors. Law students and academics interested in legal and regulatory issues relating to payments will also benefit from this comprehensive book.

Author : Opati, Thaisaiyi Zephania,Gachukia, Martin Kang'ethe
Publisher : IGI Global
Page : 311 pages
File Size : 40,7 Mb
Release : 2019-12-20
Category : Business & Economics
ISBN : 9781799824008

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Impact of Mobile Payment Applications and Transfers on Business by Opati, Thaisaiyi Zephania,Gachukia, Martin Kang'ethe Pdf

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.

Author : Phoebus L. Athanassiou
Publisher : Kluwer Law International B.V.
Page : 288 pages
File Size : 49,5 Mb
Release : 2016-04-24
Category : Law
ISBN : 9789041187826

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Digital Innovation in Financial Services by Phoebus L. Athanassiou Pdf

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.

Author : Mr.Tanai Khiaonarong,Terry Goh
Publisher : International Monetary Fund
Page : 38 pages
File Size : 52,6 Mb
Release : 2020-05-29
Category : Business & Economics
ISBN : 9781513531496

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Fintech and Payments Regulation: Analytical Framework by Mr.Tanai Khiaonarong,Terry Goh Pdf

Financial technology (Fintech) has prompted authorities to consider their potential financial stability benefits, risks, and effective regulation. Recent developments suggest that regulatory approaches and their legal foundations need to augment entity-based regulation with increasing focus on activities and risks as market structure changes. This paper draws on recent international experiences in modernizing legal and regulatory frameworks for payment services. An analytical framework based on a four-step process is proposed—(i) identifying payment activities; (ii) licensing entities and designating systems; (iii) analyzing and managing risks, and (iv) promoting legal certainty. As payment activities evolve and potential systemic risks heighten, adherence to international standards and additional regulatory requirements should be warranted.

Author : Tanai Khiaonarong
Publisher : International Monetary Fund
Page : 35 pages
File Size : 43,6 Mb
Release : 2014-07-15
Category : Business & Economics
ISBN : 9781498392051

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Oversight Issues in Mobile Payments by Tanai Khiaonarong Pdf

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.

Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher : Unknown
Page : 244 pages
File Size : 41,6 Mb
Release : 2013
Category : Banking law
ISBN : MINN:31951D03634427N

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Developing the Framework for Safe and Efficient Mobile Payments by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs Pdf