Abstract
Regulations concerning digital payment systems, including mobile money, are being discussed in Latin American countries at the moment. The need to develop a legal framework comes from three main sources: first, there is great concern about the financial risk connected to these kind of operations; second, the need to control the compliance of regulations regarding money laundering and terrorism financing; last, the need to protect consumers from fraud on behalf of the system administration and also the need to protect personal private data. We describe hereby, the main features of mobile payment systems in Ecuador and Brazil, comparing them with the successful experience in Kenya. While Kenya opted for a light regulation which helps to promote the expansion of m-payments in a non-banking framework, Ecuador chose a State-controlled framework, while Brazil is defining its mobile money system within the banking system. Finally, we show some hints for debate, with a comparison between cash, e-money and m-money.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
