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Oversight Issues in Mobile Payments
Author:
Mr. Tanai Khiaonarong
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https://orcid.org/0000-0002-1731-3201
Series:
IMF Working Papers
Volume/Issue:
Volume 2014: Issue 123
Language:
English
Publication Date:
15 Jul 2014
DOI:
https://doi.org/10.5089/9781498392051.001
ISBN:
9781498392051
ISSN:
1018-5941
Pages:
35
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
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund