The Federal Reserve Bank of Boston, in collaboration with the Federal Reserve Bank of Atlanta, released a report yesterday analyzing U.S. regulations pertaining to mobile payments. The report, titled "The U.S. Regulatory Landscape for Mobile Payments," found a need for ongoing education of regulators, consumers and consumer advocates as the rapidly evolving mobile payments market continues to take shape, according to a statement released by the Federal Reserve. The report also said that further clarification regarding current payments regulations and how they relate to mobile payments services would help policymakers address potential risks in the market.
The report is the work of the Mobile Payments Industry Workgroup, a group assembled by the Federal Reserve to work with industry leaders, and federal and state regulators, to explore how mobile payments will evolve in the U.S. The group is working on strategies for collaboration and information-sharing within the mobile payments world to help inform regulators and create a regulatory framework for the future of mobile payments in the States, according to the Fed statement.
Yesterday's report includes input from federal and state regulators and also analyzed the potential of mobile payments for the underbanked in the U.S. The Mobile Payments Industry Workgroup found that mobile technologies could provide added value to these customers opening paths for them to access the banking system.