Oversight Issues in Mobile Payments

Tanai Khiaonarong

No 2014/123, IMF Working Papers from International Monetary Fund

Abstract: 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.

Keywords: WP; service provider; customer funds; card payment network; payment service; phone banking payment; Oversight; risks; mobile payments; payment systems; payment system; payment institution; market potential; payment scheme; payment transaction; Mobile banking; Deposit insurance; Digital currencies; Anti-money laundering and combating the financing of terrorism (AML/CFT); Sub-Saharan Africa; Global; East Asia; Asia and Pacific (search for similar items in EconPapers)
Pages: 35
Date: 2014-07-15
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Citations: View citations in EconPapers (9)

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