Fiserv, Inc. recently released the results of a survey suggesting banks are taking a “wait and see” approach to mobile payments. Fiserv commissioned and Forrester Consulting conducted the survey of 15 large U.S. banks, which found that most of the banks offered mobile banking services allowing customers to make transfers between accounts, find an ATM, and pay bills online. Only one of the banks offered mobile banking for purposes of person-to-person payments and none offered mobile banking for making brokerage trades. The survey found that all of the banks had clear mobile banking strategies but few had a defined strategy for mobile payments, including point-of-sale or contactless payments and person-to-person payments.

The law governing mobile payments is a complex blend of existing laws including the Electronic Fund Transfer Act and Gramm-Leach-Bliley as well as rapidly-changing state laws. In deploying mobile payment technologies, depository institutions should carefully analyze and address all of the relevant authorities.

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Photo of Mike Nonaka Mike Nonaka

Michael Nonaka is a partner in the firm’s Financial Institutions practice group. He represents banks and other financial institutions on a wide variety of bank regulatory, enforcement, legislative and policy issues.  Mr. Nonaka also is co-chair of the firm’s Fintech Initiative and works…

Michael Nonaka is a partner in the firm’s Financial Institutions practice group. He represents banks and other financial institutions on a wide variety of bank regulatory, enforcement, legislative and policy issues.  Mr. Nonaka also is co-chair of the firm’s Fintech Initiative and works with a number of banks, lending companies, money transmitters, payments firms, technology companies, and service providers on innovative technologies such as big data, blockchain and related technologies, bitcoin and other virtual currencies, same day payments, and online lending.