Oversight Issues in Mobile Payments

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...

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Bibliographic Details
Main Author: Khiaonarong, Tanai
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2014
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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245 0 0 |a Oversight Issues in Mobile Payments  |c Tanai Khiaonarong 
260 |a Washington, D.C.  |b International Monetary Fund  |c 2014 
300 |a 35 pages 
651 4 |a Hong Kong Special Administrative Region, People's Republic of China 
653 |a Payment Systems 
653 |a Banks 
653 |a Finance 
653 |a Distributed ledgers 
653 |a Financial services industry; Technological innovations 
653 |a Financial crises 
653 |a Corporate Finance and Governance: Government Policy and Regulation 
653 |a Banks and banking 
653 |a Industries: Financial Services 
653 |a Regimes 
653 |a Mobile banking 
653 |a Clearinghouses; Banking 
653 |a Deposit insurance 
653 |a Crime 
653 |a Mortgages 
653 |a Standards 
653 |a Financial markets 
653 |a Criminology 
653 |a Anti-money laundering and combating the financing of terrorism (AML/CFT) 
653 |a Banking 
653 |a Corporate crime; white-collar crime 
653 |a Financial Risk Management 
653 |a Depository Institutions 
653 |a Economic & financial crises & disasters 
653 |a Consumer Protection 
653 |a Government and the Monetary System 
653 |a Technological Change: Choices and Consequences 
653 |a Payment systems 
653 |a Technology 
653 |a Micro Finance Institutions 
653 |a Diffusion Processes 
653 |a Financial Institutions and Services: Government Policy and Regulation 
653 |a Crisis management 
653 |a Digital currencies 
653 |a Illegal Behavior and the Enforcement of Law 
653 |a Money laundering 
653 |a Banks and Banking 
653 |a Computer applications in industry & technology 
653 |a Monetary Systems 
653 |a Central Banks and Their Policies 
653 |a Banks and banking, Mobile 
653 |a Finance: General 
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520 |a 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