Paper
Mobile Financial Services: Mobile Enabled Cross-Border Payments
Addressing issues related to mobile-enabled cross-border payments
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16 pages
This guideline document aims to identify the key challenges affecting cross-border remittances and payments and discusses how regulators have addressed these challenges. It states that mobile-enabled electronic money (m-money) offers the potential to lower costs and increases value for low-value-cross-border payments but it also comes with various risks that need to be mitigated. The document seeks to identify the relevance of these risks and also provides suggestions to address them. It discusses:
- Four different mechanisms for facilitating mobile-enabled cross-border payments;
- Mobile-enabled cross-border payment services in which an m-wallet is used to receive funds with a focus on the difference from similar payment systems that do not use m-money;
- Model of mobile-enabled cross-border payment in which an m-wallet is used to both receive and send funds;
- Key regulatory issues for mobile-enabled cross-border payments in both receiving and sending funds with a focus on how regulators can address these issues.
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