Mobile payments (m-payments) are an important aspect of mobile banking, which is a form of retail financial services that is growing rapidly around the world. Canadian consumers are increasingly migrating away from branch-based banking towards online and mobile banking. Research suggests that the Canadian market is poised for tremendous growth in the volume of m-payment transactions in the near future. We consider high-level policy issues, such as inter-agency coordination, the purpose and scope of regulation. We also examine the way unique market conditions influence the evolution of m-payment ecosystems. The main purpose of this report is to provide policymakers, regulatory and supervisory agencies, as well as fellow researchers with a broad understanding of the consumer protection issues (e.g., data privacy, disclosure, redress, fraud, and security) and the regulatory efforts which have emerged in foreign jurisdictions as m-payments have evolved.
Consumer Experiences in Online Payday Loans