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Oversight Issues in Mobile Payments
Report

Oversight Issues in Mobile Payments

Tanai Khiaonarong
IMF, 2014
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Editorial Rating

7

Qualities

  • Innovative

Recommendation

A boon to businesses everywhere, mobile payments have proliferated, and their ability to cater to underserved populations in low-income countries is considerable. But with growth come numerous risks. Moving the process of oversight toward greater uniformity will be essential to protect consumer funds, ensure the public trust and maintain the integrity of payment systems. getAbstract recommends this succinct yet comprehensive study from the International Monetary Fund to entrepreneurs who want to gain a toehold in this dynamic marketplace, to businesses looking to expand their market share, and to financial regulators responsible for oversight.

Take-Aways

  • Mobile payments have grown markedly as an acceptable remittance alternative and are likely to continue to expand as more people link to mobile technology.
  • Such systems address the needs of developed countries as well as developing nations. By 2013’s end, 219 “live deployments of mobile money services” were active in 84 countries, more than half of them in sub-Saharan Africa.
  • Policy makers face crucial challenges in ensuring adequate legal protections of the payment infrastructure and of consumers.

About the Author

Tanai Khiaonarong is a senior financial sector expert with the International Monetary Fund.

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