The Legal Framework of Mobile Payments

Gaps, ambiguities, and overlap

The Legal Framework of Mobile Payments
Mobile banking is fraught with regulatory overlap, gaps, and ambiguities.The Pew Charitable Trusts

As mobile payments grow in popularity, policymakers need to understand the legal framework in which these transactions take place.

As the popularity of mobile payments grows, it becomes increasingly important to understand the legal framework in which these transactions take place. Consumers need to know their rights and responsibilities. They need to be alert to the financial risks they are exposed to and the legal remedies available when transactions go awry. Financial institutions and other companies that facilitate mobile payments need clear rules describing their obligations, rights, and liability as they develop new mobile payment products and contract with consumers for mobile payment services. Finally, policymakers need to understand the impact of applicable laws and rules on consumers and mobile payment providers so they can evaluate whether they are adequate, and if not, what new provisions are needed. This report describes and analyzes the legal framework of mobile payments.

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Issue Brief

Mobile Payments

Regulatory gaps, ambiguities, and overlap

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Issue Brief

Mobile payments enable consumers to make financial transactions using their smartphones via a website, by sending a text message, or through an app. This technology, in turn, relies on many other consumer products and services, including credit, debit, and prepaid cards; wireless carriers; and nonbank providers such as Apple, Samsung, Google Wallet, and PayPal.

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Who Is Regulating Mobile Payments?

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Data Visualization

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.

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