The Mobile Payments Industry Workgroup the last couple of years has worked to get its arms around the multiple regulatory agencies concerned with mobile payments, as well as the many technology and market forces driving the industry.
The good news is that this body, assembled by the Federal Reserve Banks of Boston and Atlanta, have made the recommendation that current regulations are adequate to meet the needs of everyone in the ecosystem, especially the consumer. While the recommendations include close monitoring of privacy, prepaid, and services for low and moderate income consumers, the group recognizes the downside risk of new regulatory oversight over a new industry trend that has strong upside potential for consumers. A finding that premature regulation is not warranted is good news indeed.
Click here to read about the group’s findings from Payment Law Advisor.