Mobile Payments, Consumer Policy and the Law: A Comparative Analysis

Nwanneka Ezechukwu

Mobile technology offers an innovative and cost-effective channel for delivering a range of financial services, including mobile payments. In some jurisdictions, mobile payments simply provide a convenient option for facilitating payment transactions. In other jurisdictions, mobile payments are viewed as potentially transformative because they present an opportunity to expand access to financial services. However, as with other innovations, mobile payments raise consumer protection concerns and require robust regulatory mechanisms to address such concerns. Against this backdrop, the book adopts a typology of consumer policy tools which can be used to address the identified consumer concerns. This typology guides the enquiry into the existing consumer protection frameworks applying to mobile payments in selected jurisdictions (Canada, Kenya, and the United Kingdom). The main objective of this endeavour is to identify best practices that national authorities seeking to leverage mobile payments and similar innovations can emulate.

This book will be of interest to policymakers, regulators, industry stakeholders, students and scholars interested in the regulation of innovative financial services, particularly from a consumer protection perspective.

Contents:
Introduction
Setting the Context
The Scope of the Book
Why Mobile Payments?
Why Focus on Consumer Protection?
Why Canada, Kenya and the United Kingdom?
Road Map: Navigating this Book.
PART I: MOBILE PAYMENTS AND CONSUMER PROTECTION – CONTEXTUAL ANALYSIS
Mobile Payments: Understanding the Service
Introduction
A Brief Note About Payment Services
Mobile Payments: Clarifying Key Terms
Mobile Payments: Understanding the Technology
Mobile Payments: Core Stakeholders and Business Models
Mobile Payments as an Additive Service
Mobile Payments as a Transformative Service
Conclusion
Consumer Protection and Mobile Payments: Why Intervene?
Introduction
Financial Services in Context
Economic Rationales for Regulatory Intervention
The Perfect Market
Market Realities
Non-Economic Rationales for Regulatory Intervention
Distributive Justice
Paternalism
Community Values
Conclusion
Consumer Policy Tools for Regulating Mobile Payments
Introduction
Provision of Information
Mandatory Disclosures
Consumer Education
Withdrawal Rights and Cooling-off Periods
Regulation of Business Conduct
Regulating Unfair Commercial Practices
Regulating Contract Terms
Regulating False and Misleading Information
Liability Rules
Dispute Resolution
Conclusion
PART II: MOBILE PAYMENTS AND CONSUMER PROTECTION – COUNTRY STUDIES
Consumer Protection and Mobile Payments: Canada
Introduction
Provision of Information
Mandatory Disclosures
Consumer Education
Withdrawal Rights and Cooling-off Periods
The Regulation of Business Conduct
Regulating Unfair Commercial Practices
Regulating Contract Terms
Regulating False and Misleading Information
Liability Rules
Dispute Resolution
Conclusion
Consumer Protection and Mobile Payments: Kenya
Introduction
Provision of Information
Mandatory Disclosures
Consumer Education
Withdrawal Rights and Cooling-off Periods
The Regulation of Business Conduct
Regulating Unfair Commercial Practices
Regulating Contract Terms
Regulating False and Misleading Information
Liability Rules
Dispute Resolution
Conclusion
Consumer Protection and Mobile Payments: The United Kingdom
Introduction
Provision of Information
Mandatory Disclosures
Consumer Education
Withdrawal Rights and Cooling-off Periods
The Regulation of Business Conduct
Regulating Unfair Commercial Practices
Regulating Contract Terms
Regulating False and Misleading Information
Liability Rules
Dispute Resolution
Conclusion
PART III: MOBILE PAYMENTS AND CONSUMER PROTECTION – CONCLUSIONS & BEST PRACTICES
Conclusions
Introduction
Provision of Information
Mandatory Disclosures
Consumer Education
Withdrawal Rights and Cooling-off Periods
The Regulation of Business Conduct
Regulating Unfair Commercial Practices
Regulating Contract Terms
Regulating False and Misleading Information
Liability Rules
Dispute Resolution
Conclusion