Boston Fed provides update on mobile payments
Mobile Payments Industry Workgroup said 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.
The Mobile Payments Industry Workgroup this week revealed the outcome of its May meeting on the state of the industry in the United States and found not much has changed in two years in regards to things such as consumer protection.
"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," Susan Pandy, director of payment strategies for Federal Reserve Bank of Boston, wrote in a blog post on the institution's website.
The group also examined regulators' role in mobile, agency coordination around mobile payments and mobile payment issues related to security, the role of non-bank solution providers and startups, and data privacy.
"Government agencies also recognize the potential for mobile to enhance financial services, particularly for the underserved population," Pandy wrote. "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."
The Boston Fed has made available the results of its May meeting.