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.

Summary

Mobile payments are an emerging method of moving cash around the world. This technology can foster financial inclusion, given that more than two billion people have no access to financial services and that about one billion have cellphones but no bank accounts.

Mobile payments, “initiated and transmitted by access devices...connected to mobile communication networks,” are a way to make purchases or transfer funds. Money resides in a bank or in a customer’s “stored-value funds” held by a mobile network operator (MNO). Aside from banks and MNOs, “mobile device manufacturers, application...

About the Author

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

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