3 Nearly one-third of mobile phone users in 2012 have reported using mobile devices to make a purchase. population now has a mobile phone, 2 and more than half of those mobile phones are smartphones. The mobile payments marketplace is continuing to expand.

This article describes mobile payments technologies, identifies the risks associated with mobile payments, and discusses the existing regulatory framework that applies to the use of these technologies. Although the potential benefits of mobile payments have received considerable attention in the media and trade publications, less scrutiny has been given to understanding the unique risks and supervisory issues raised by this technology. Generally, mobile payments 1 are defined as the use of a mobile device-commonly, but not exclusively, a smartphone or tablet computer-to initiate a transfer of funds to people or businesses.The widespread adoption of mobile payments raises critical issues, including the extent to which financial institutions may lose payments-system market share the adequacy of legal protections and disclosures received by consumers and, more generally, how banks can ensure compliance with existing laws and regulations. High-Yield Checking Accounts: Know the RulesĪs a relatively new financial service, mobile payments have the potential to significantly change how consumers pay for goods and services. Home > Regulations & Examinations > Bank Examinations > Supervisory Insights - Winter 201 2 including office furniture, fixtures, and equipment. Portion (if any) exceeds coverage limits at that bank.Īre My Deposit Accounts Insured by the FDIC?įDIC-insured institutions to conduct business and exchange Specific group of deposit accounts â€” what's insured and what Determine how the insurance rules and limits apply to a

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