The Mobile Payments Industry Workgroup of the Boston Federal Reserve has released the outcome of its May 2014 meeting on the state of the industry in the US and has found relatively little change in terms of consumer protection and regulation.
The Boston Fed has been studying the US mobile payment market
According to Susan Pandy, director of payment strategies at the Boston Fed: “The discussions revealed that the focus of the regulatory agencies related to mobile payments has not changed much since the initial meeting in April 2012 and that the agencies continue to support the need for consumer protection, the security and efficiency of the payments system, data security and privacy, and accessibility.”
The Workgroup also looked at regulators’ role in mobile, agency coordination around mobile payments and mobile payment issues related to security, the role of non-bank solution providers and start-ups, and data privacy.
“Government agencies also recognise the potential for mobile to enhance financial services, particularly for the underserved population,” Pandy added. “The industry and regulators are still trying to come to a common understanding about the different mobile technology solutions and how they impact the payments system.”
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