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Legal concepts and environment
and the regulation of mobile payments
Maria Chiara MalagutiAdvisor PSDG, World Bank
Payment by Fiduciary Money
Clearing
Bank A Bank B
Client B1merchant
Client B2Card holder
Client A
Correspondent banking
Man
date
topa
y
(underlying obligation)
Dep
osit
or w
ithdr
awal
s
M-banking
cheques
cards
Credit transfer
MNO
wallet
MOBILE NETWORK OPERATORS
and
REMITTANCE PROVIDERS
have changed the operational environment.
This has required also reform of
THE LEGAL ENVIRONMENT
«Retail» and payment services
Service provider
Service user
Payment instrument
TransparencyDuty of care Pricing
Duty of care(notification)
Infrastructure(safety)
Where isthe moneydeposited?
Production versus transfer of money
• Money stored in a bank account• Money stored in a device• Money stored with the payment service
provider (omnibus)• Money (potentially) never stored
Legal environment
• (Financial) consumer protection• Out-of-court redress• AML• Safety of infrastructures• Competition and market access• Legal tools such as trust, regulation of
pooling of accounts, segregation
Regulatory environment
• Different (capital) requirements for different kinds of service providers
• Functional approach• Storage of money versus transmission of
money• Authorization versus registration• Transparency (pricing?)
International remittances
• Special rules for international transactions?
• Conflict of laws• Domestic regulatory measures also when
foreign legislation• Foreign exchange rules