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Oversight Issues in Mobile Payments

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  • Mr. Tanai Khiaonarong

Abstract

This paper examines oversight issues that underlie the potential growth and risks in mobile payments. International experience suggests that financial authorities can develop effective oversight frameworks for new payment methods to safeguard public confidence and financial stability by establishing: (i) a clear legal regime; (ii) proportionate AML/CFT measures to prevent financial integrity risks; (iii) fund safeguarding measures such as insurance, similar guarantee schemes, or “pass through” deposit insurance; (iv) contingency plans for operational disruptions; and (v) risk controls and access criteria in payment systems. Such measures are particularly important for low-income countries where diffusion is becoming more widespread.

Suggested Citation

  • Mr. Tanai Khiaonarong, 2014. "Oversight Issues in Mobile Payments," IMF Working Papers 2014/123, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2014/123
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    References listed on IDEAS

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    1. Peter Dittus & Michael Klein, 2011. "On harnessing the potential of financial inclusion," BIS Working Papers 347, Bank for International Settlements.
    2. Michele Braun & James J. McAndrews & William Roberds & Richard J. Sullivan, 2008. "Understanding risk management in emerging retail payments," Economic Policy Review, Federal Reserve Bank of New York, vol. 14(Sep), pages 137-159.
    3. AfDB AfDB, . "Annual Report 2012," Annual Report, African Development Bank, number 461.
    4. Darren Flood & Tim West & Daniel Wheadon, 2013. "Trends in Mobile Payments in Developing and Advanced Economies," RBA Bulletin (Print copy discontinued), Reserve Bank of Australia, pages 71-80, March.
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    Cited by:

    1. López, Tania & Winkler, Adalbert, 2019. "Does financial inclusion mitigate credit boom-bust cycles?," Journal of Financial Stability, Elsevier, vol. 43(C), pages 116-129.
    2. Ms. Inutu Lukonga, 2018. "Fintech, Inclusive Growth and Cyber Risks: Focus on the MENAP and CCA Regions," IMF Working Papers 2018/201, International Monetary Fund.
    3. Askar Ismailov & Albert Benson Kimaro & Hisahiro Naito, 2019. "The Effect of Mobile Money Usage on Borrowing, Saving, and Receiving Remittances: Evidence from Tanzania," Tsukuba Economics Working Papers 2019-002, Faculty of Humanities and Social Sciences, University of Tsukuba.
    4. Naito, Hisahiro & Ismailov, Askar & Kimaro, Albert Benson, 2021. "The effect of mobile money on borrowing and saving: Evidence from Tanzania," World Development Perspectives, Elsevier, vol. 23(C).
    5. International Association of Deposit Insurers, 2020. "Deposit Insurance and Financial Inclusion: Current Trends in Insuring Digital Stored-Value Products," IADI Research Papers 20-03, International Association of Deposit Insurers.
    6. Ahmad Hassan Ahmad & Christopher Green & Fei Jiang, 2020. "Mobile Money, Financial Inclusion And Development: A Review With Reference To African Experience," Journal of Economic Surveys, Wiley Blackwell, vol. 34(4), pages 753-792, September.
    7. Tiriongo, Samuel & Wamalwa, Peter, 2020. "The effect of mobile money on banking sector stability in Kenya," KBA Centre for Research on Financial Markets and Policy Working Paper Series 43, Kenya Bankers Association (KBA).
    8. Josephat Lotto, 2018. "Examination of the Status of Financial Inclusion and Its Determinants in Tanzania," Sustainability, MDPI, vol. 10(8), pages 1-15, August.
    9. Mariam El Hamiani Khatat, 2018. "Monetary Policy and Models of Currency Demand," IMF Working Papers 2018/028, International Monetary Fund.

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