Summary of Oversight Issues in Mobile Payments

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Oversight Issues in Mobile Payments summary
The effective oversight and regulation of mobile payments will be critical to their further development.

Rating

7 Overall

7 Importance

8 Innovation

7 Style

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.

In this summary, you will learn

  • What constitutes a mobile payment
  • How demand for the service has grown
  • What regulatory and oversight challenges these systems present
 

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...
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About the Author

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


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