Who Is Regulating Mobile Payments?

Every day, Americans use their smartphones to transfer money, pay for goods and services, and make donations. These transactions are collectively referred to as mobile payments. This infographic provides an overview of the many federal agencies that oversee the mobile payments marketplace, including payment processors and products. Regulatory overlap, gaps, and ambiguities exist in the federal and state laws that govern mobile transactions initiated with traditional financial institutions and with payment providers that are not affiliated with banks. And many laws have not kept pace with mobile technology. These uncertainties need to be addressed to create a level playing field for industry participants and provide appropriate and consistent protections for consumers who make payments using mobile devices.

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