PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Lawmakers Meet Mobile Payments

Mercator Advisory Group by Mercator Advisory Group
March 23, 2012
in Analysts Coverage
0
Discover Connects IoT For Payments - PaymentsJournal

Closeup of male customer paying through smartwatch at counter in pharmacy

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

At a March 22nd House Financial Services hearing, lawmakers were introduced to the potential and the potential security issues surrounding mobile payments. While the story from PaymentsSource holds few surprises, it does point out two things.

First, the hearing demonstrates, yet again, the disconnect between what is happening in Internet-powered technology and congressional awareness. Second, the story points out the regulatory morass of overlapping administrative oversight and gaps in that function that mobile payments may be subject to. That represents a risk of unnecessary cost and the risk of limiting technical innovation. The uncoordinated activity of multiple agencies, empowered by regulations written for a different time, is not a reason to create yet another agency. It’s an opportunity to rationalize oversight and harmonize regulation.

Of course, Congress isn’t about rulemaking these days. Its game is about politics. So the best the payments technology industry can do is to educate, and lobby, in the hopes of limiting the damage.

From the article:

Troy Leach, chief technology officer of the Payment Card Industry Security Standards Council, an international standard-setting body, said while technology to improve security is quickly progressing, there are still risks from the rapid development of mobile applications. The lack of traditional security controls for mobile payments, potential unauthorized access to payment applications and the potential for abuse of protective tools such as data encryption also pose risks, he said. “A failure to adequately address any of these valid concerns can put payment card data at risk,” Leach said in written testimony. But Ed McLaughlin, the chief emerging payments officer for MasterCard Worldwide, assured lawmakers that when customers swipe their cell phones at a gas station or grocery store, they have better protections than they do with credit and debit cards.

“We would not move toward this payment environment unless we could enhance the security of what we’re doing,” he said. The hearing also raised questions about the state of regulation for mobile payments.

One challenge facing the federal government is the lack of clarity over what agency is responsible for regulating mobile payments. For example, the Federal Communications Commission, which oversees wireless carriers, has not traditionally played a role in regulating payments.

Click here to read more from PaymentsSource.com.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    On-Demand Webinar: Solving the Digital Onboarding Challenge​ – Increasing Conversions without Increasing Risk

    On-Demand Webinar: Solving the Digital Onboarding Challenge​ – Increasing Conversions without Increasing Risk

    February 8, 2023
    legacy infrastructure

    How Modernizing IT Can Help Banks Compete With Fintechs

    February 7, 2023
    Buy Now Pay Later BNPL, B2B BNPL

    B2B BNPL Offers a High-Potential New Chapter in Payments

    February 6, 2023
    eCommerce On Social Media, social commerce

    The Rise of Social Commerce and Social Payments

    February 3, 2023
    Electroneum AnyTask; ETN Crypto, sales enablement

    Ethical Financial Selling: The Role of Compliance Technology and Sales Enablement

    February 2, 2023
    direct deposit

    Nacha Launches Campaign to Reach Millennials on the Benefits of Direct Deposit

    February 1, 2023
    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    January 31, 2023
    credit card tumbling

    How to Detect, and Prevent, Credit Card Tumbling

    January 30, 2023

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Equinix report - Dojo Delivers Fast, Reliable and Secure Card Payments to Businesses on Platform Equinix