There has been an explosion in the number and variety of mobile payment services available to consumers in the last couple of years, with new innovations and players growing exponentially. The release of the Federal Trade Commission’s (FTC) March 8, 2013 staff report, “Paper, Plastic… or Mobile? An FTC Workshop on Mobile Payments,” indicates the potential for new and greater regulatory scrutiny of this growing sector. New payments products, including peer-to peer-payments, mobile coupons, contactless options, and mobile wallets offer consumers and businesses significant flexibility and benefits. But regulators are concerned about the prospect of increased risks to consumers. The report discusses the key issues facing businesses and consumers in emerging mobile payments services and highlights the diverse mix of companies comprising the mobile payments ecosystem, including mobile carriers, payment card networks, financial institutions, merchants, and others. It describes three primary evolving concerns: data security; privacy; and dispute resolution.
For our analysis and summary of the FTC report, continue reading at our Focus on Regulation blog.