Update on the U.S. Regulatory Landscape for Mobile Payments
The Mobile Payments Industry Workgroup (MPIW) convened a second meeting with representatives from federal and state agencies on May 7, 2014 to discuss the status of: 1) the state of the U.S. mobile payments landscape; 2) the regulators' role in mobile; 3) agency coordination around mobile payments; and 4) mobile payment issues related to security, the role of non-bank solution providers and start-ups, and data privacy. 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. Government agencies also recognize the potential for mobile to enhance financial services, particularly for the underserved population. 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. Progress has been made over the last two years in terms of more interaction between regulators and the industry to better understand the business models and solutions, as well as relevant regulatory requirements.