Mobile payments—essentials
Mobile payments—essentials

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Mobile payments—essentials
  • What are mobile payments?
  • The UK financial services regulatory landscape for mobile payments
  • The scope of regulatory oversight for mobile payments
  • The roles of the FCA and PRA in relation to mobile payments
  • Mobile payments and payment services legislation
  • The second Payment Services Directive—mobile payments
  • Mobile payments and e-money legislation
  • Other key legal issues facing mobile payment providers in the UK
  • Mobile payments—compliance with anti-money laundering legislation
  • More...

Mobile payments—essentials

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

What are mobile payments?

The term 'mobile payments' can mean different things depending on who you are talking to. At its simplest it is allowing a customer to use their mobile device to pay another person or company. The concept of a mobile payment has been defined by the European Commission (Commission) in its Green Paper ‘Towards an integrated European market for card, internet and mobile payments’ as:

‘payments for which the payment data and the payment instruction are initiated, transmitted or confirmed via a mobile phone or device. This can apply to online or offline purchases of services, digital or physical goods’.

For more information about the Commission’s Green Paper, see EU regulatory approach to mobile payments below.

Mobile payments, as an industry, is rapidly expanding in the UK with the launch of Apple Pay, Google's 'Android Pay' and Samsung's 'Samsung Pay'. The retail payments market has experienced significant technical innovation, with rapid growth

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