1st Edition
Mobile Payments, Consumer Policy, and the Law A Comparative Analysis
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.
Preface
Acknowledgements
List of Abbreviations
Table of Legislation
List of Cases
1 Introduction
1.1 Setting the Context
1.2 The Scope of the Book
1.2.1 Why Mobile Payments?
1.2.2 Why Focus on Consumer Protection?
1.2.3 Why Canada, Kenya, and the United Kingdom?
1.3 Road Map: Navigating This Book
References
PART I
Mobile Payments and Consumer Protection – Contextual Analysis
2 Mobile Payments: Understanding the Service
2.1 Introduction
2.2 A Brief Note about Payment Services
2.3 Mobile Payments: Clarifying Key Terms
2.4 Mobile Payments: Understanding the Technology
2.5 Mobile Payments: Core Stakeholders and Business Models
2.6 Mobile Payments as an Additive Payment Service
2.7 Mobile Payments as a Transformative Payment Service
2.8 Conclusion
References
3 Consumer Protection and Mobile Payments: Why Intervene?
3.1 Introduction
3.2 Financial Services in Context
3.3 Economic Rationales for Regulatory Intervention
3.3.1 The Perfect Market
3.3.2 Market Realities
3.4 Non-Economic Rationales for Regulatory Intervention
3.4.1 Distributive Justice
3.4.2 Paternalism
3.4.3 Community Values
3.5 Conclusion
References
4 Consumer Policy Tools for Regulating Mobile Payments
4.1 Introduction
4.2 Provision of Information
4.2.1 Mandatory Disclosures
4.2.2 Consumer Education
4.3 Withdrawal Rights and Cooling-Off Periods
4.4 The Regulation of Business Conduct
4.4.1 Regulating Unfair Commercial Practices
4.4.2 Regulating Contract Terms
4.4.3 Regulating False and Misleading Information
4.5 Liability Rules
4.6 Dispute Resolution
4.6.1 Internal Dispute Resolution Procedures
4.6.2 External ADR Mechanisms
4.6.3 Financial Ombudsman Services
4.7 Conclusion
References
PART II
Mobile Payments and Consumer Protection – Country Studies
5 Consumer Protection and Mobile Payments: Canada
5.1 Introduction
5.2 Provision of Information
5.2.1 Mandatory Disclosures
5.2.2 Consumer Education
5.3 Withdrawal Rights and Cooling-Off Periods
5.4 The Regulation of Business Conduct
5.4.1 Regulating Unfair Commercial Practices
5.4.2 Regulating Contract Terms
5.4.3 Regulating False and Misleading Information
5.5 Liability Rules
5.6 Dispute Resolution
5.6.1 Internal Dispute Resolution Procedures
5.6.2 External ADR Mechanisms
5.7 Conclusion
References
6 Consumer Protection and Mobile Payments: Kenya
6.1 Introduction
6.2 Provision of Information
6.2.1 Mandatory Disclosures
6.2.2 Consumer Education
6.3 Withdrawal Rights and Cooling-Off Periods
6.4 The Regulation of Business Conduct
6.4.1 Regulating Unfair Commercial Practices
6.4.2 Regulating Contract Terms
6.4.3 Regulating False and Misleading Information
6.5 Liability Rules
6.6 Dispute Resolution
6.6.1 Internal Dispute Resolution Procedures
6.6.2 External ADR Mechanisms
6.7 Conclusion
References
7 Consumer Protection and Mobile Payments: The United Kingdom
7.1 Introduction
7.2 Provision of Information
7.2.1 Mandatory Disclosures
7.2.2 Consumer Education
7.3 Withdrawal Rights and Cooling-Off Periods
7.4 The Regulation of Business Conduct
7.4.1 Regulating Unfair Commercial Practices
7.4.2 Regulating Contract Terms
7.4.3 Regulating False and Misleading Information
7.5 Liability Rules
7.6 Dispute Resolution
7.6.1 Internal Dispute Resolution Procedures
7.6.2 External ADR Mechanisms
7.7 Conclusion
References
PART III
Mobile Payments and Consumer Protection – Conclusions and Best Practices
8 Conclusions
8.1 Introduction
8.2 Provision of Information
8.2.1 Mandatory Disclosures
8.2.2 Consumer Education
8.3 Withdrawal Rights and Cooling-Off Periods
8.4 The Regulation of Business Conduct
8.4.1 Regulating Unfair Commercial Practices
8.4.2 Regulating Contract Terms
8.4.3 Regulating False and Misleading Information
8.5 Liability Rules
8.6 Dispute Resolution
8.6.1 Internal Dispute Resolution Procedures
8.6.2 External ADR Mechanisms
8.7 Conclusion
References
Index
Biography
Nwanneka V Ezechukwu is a lecturer at the School of Law, University of Sheffield, UK.
