Tuesday, March 13, 2012

Live from Prepaid Expo 2012: Emerging Payment Systems

We wrapped up the Regulation Summit today with a presentation on Emerging Payment Systems: Legal, Regulatory and Compliance Considerations from Kara Kuchar, Special Counsel, SCHULTE, ROTH & ZABEL LLP, and Tomas Campos, General Manager of Online and Mobile, BLACKHAWK NETWORK.

Innovation has led to new economic models and regulations and considerations:

Who "owns" the mobile wallet customer? Who "owns" the data in this new ecosystem?

Regulation is going to have to keep up. As new challenges come up, new opportunities will arise for people to step up and provide solutions and new services.

Emerging Mobile Payments Trend examples changing the space:
Mobile wallets: Paypal, Google, Isis
Mobile as POS: Square, Verifone, Intuit GoPayment
P2P transfers: QuikPay, Pingit
Direct Carrier Billing: Boku, Zong, PaymentOne

There will be a need to develop and implement policies to cover security and fraud risks for these new services and consider state and federal laws.

As well as a consideration for these issues within contracts with partners, allocating liability.

Lastly, Regulatory framework covering both Regulation E and Regulation Z.

Valerie M. Russo is a Senior Social Media Strategist at IIR USA with a technology, anthropology, marketing and publishing business acumen.  She will be attending Prepaid Expo USA 2012 and covering the event live via Twitter and the Prepaid Expo Blog. She is a published poet and also maintains a literary blog. She may be reached atvrusso@iirusa.com. Follow her @Literanista. 

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