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Payments & FinTech Lawyer

Volume: 6 Issue: 8
(August 2012)


A record number of mobile and contactless payments have been made during the London 2012 Olympic Games, mainly due to Visa's payments infrastructure, as one of the main sponsors of the London 2012 Games. / read more

The UK Government published a consultation on the governance and regulation of the UK payments industry on 19 July, which includes proposals to remove the Payments Council's (PC) power to govern payments systems in the UK. / read more

Electronic money (e-money) transfers exclusively between emoney accounts do not have to adhere to strict rules on the transfer of e-money set out in the single euro payments area (SEPA), the European Commission has said. / read more


South Africa
Israel / read more

It has been an impressive summer for the United States on the global stage. Before it came away with the most medals in the London Olympics, the United States was riding a string of largely favourable outcomes in the international trade arena. In the last three months, these included World Trade Organization ('WTO') disputes with China over steel and electronic payment services ('EPS'). The latter disagreement has spanned over two years culminating in a 16 July report that China maintains a number of measures which treat its domestic provider, China UnionPay ('CUP'), more favorably then foreign providers such as MasterCard, Visa and American Express and, thus, inconsistently with its WTO obligations. Both countries will have until 14 September 2012 to determine whether any issues exist for appeal. / read more

The era of the simple mobile phone that is unable to connect to the internet appears to be coming to an end in Western Europe. In 2011 it was estimated that in Europe smartphones sales accounted for 52% of all mobile phone sales. Further, the European Mobile Observatory 2011 expects smartphone sales to grow at a rate of 33% per year. As the number of smartphones has proliferated, the number of applications has grown too. In a recent study by ABI Research, it was found that there were 29 billion mobile applications downloaded in 2011, up from 9 billion in 2010. This trend does not appear likely to cease with IDC predicting that global downloads will reach 76.9 billion in 2014. / read more

The PCI Security Standards Council has published new guidance on accepting payments through mobile devices. The popularity and ubiquity of smartphones and tablets has increased demand for merchants to offer flexible payment solutions to customers, whilst ensuring that Payment Card Industry Data Security Standards are maintained. Dr Sam De Silva and Esther Wilkins, of Manches LLP, analyse the new guidance and the regulatory issues surrounding mobile payments. / read more

Many US states, including New York, have adopted an altered interpretation of banking laws that require money service businesses to be licensed as money transmitters within that specific state, regardless of where they are physically located. This new requirement has implications for foreign players within the financial services market, particularly those offering alternative payments systems such as e-wallets and m-wallets. Adam Atlas, a New York-based Attorney at Law who advises payments businesses, discusses the new ground rules and the challenges these changes pose to traditional and start-up payments businesses. / read more

Near Field Communication technology and the mobile wallet, have been blighted by security flaws, so much so consumer uptake has been slow, even in the face of the Google wallet. Despite this shaky start many commentators still see contactless payments as the future. Rob Brown, IT Manager at Le Pain Quotidien, previously responsible for the roll-out of Near Field Communication technology at a retail outlet in the UK, discusses the benefits and challenges posed by Near Field Communication technology and what can be done to increase consumer uptake in 2012. / read more

Cybersecurity legislation in the US has been on the agenda for many years. Despite the legislative process now being underway, there are still differing opinions on the focus of such legislation and key policy disputes. Megan Brown and Caroline Van Wie, of Wiley Rein LLP, discuss the differing approaches to cybersecurity legislation and the potential impact regulatory changes could have on global business. / read more

The United Nations Conference on Trade and Development released a report on Mobile Money for Business Development in East African Community in June, providing a comparative study of existing mobile money platforms and regulations. Yolande van Wyk, the CEO of eWallet Solutions at FNB South Africa, discusses the study, the success of M-PESA and the transferability of those success factors. / read more

The Financial Action Task Force on Money Laundering (FAFT) placed Thailand on its list of nations that are not doing enough to combat money laundering and terrorism financing earlier this year. However, the shifting scale used by the FAFT to determine which countries have insufficient anti-money laundering practices, provides unclear guidelines on what those countries must do to appease the FAFT. John Fotiadis, a Legal Consultant at Atherton Co. Ltd., discusses the legislative history of Thailand in regards to anti-money laundering and the approach taken by the FAFT. / read more

About Payments & FinTech Lawyer

The monthly publication covering legal, regulatory and policy developments relating to the fast-moving payments and FinTech sectors. Key topics include mobile payments, e-money, prepaid and other payment cards, online banking, digital currencies such as Bitcoin, card fraud and other cyber crime, RegTech, robo-advice, P2P lending, and crowdfunding, as well as regulatory regimes such as the Second Payment Services Directive (PSD2), the Payment Accounts Directive, and the Fourth Anti-Money Laundering Directive / read more

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