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Tuesday, March 20, 2012

Mobile Payment Systems Could Change Financial Services Industry

Richard Oliver, co-author of the Mobile Payments in the United States; Mapping out the Road Ahead, spoke to the Financial Institutions and Consumer Credit Subcommittee today at a hearing entitled “The Future of Money: How Mobile Payments Could Change Financial Services.”

Oliver summarized the findings of research teams from the Federal Reserve Banks of Atlanta and Boston on the state and potential for the deployment of mobile payment options in the U.S. Over the course of the research, the Mobile Payments Work Group (MPWG) was developed and has identified key factors which must be met to ensure a successful and safe mobile payment system in the U.S.

These factors included: the proposed environment would be best defined by the concept of an “open mobile wallet,” standards would be designed, adopted, and complied with through an industry certification program, and a better understanding of a regulatory oversight model should be proactively developed in concert with banks and non-bank regulators to clarify compliance responsibilities.

Read more about the hearing and Richard Oliver’s testimony.

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