Electronic Payment Regulations

New Electronic Payment Regulations

Card transactions are initiated by most mobile applications to be processed in the same wayas traditional card transactions.DemocraticSenators Chris Coons and Tom Carper of Delaware, together with Senator Gary Peters of Michigan are calling on the Government Accountability Office to study state and federal regulations for electronic payments.While mobile payments go on increasing in the m-commerce space, the volumes of mobile payments at the POS will not increase unless they are properly adopted by merchants.

GAO Report

Senators want the Government Accountability Office to report on how federal rules might make it difficult to bring more electronic payment services into today’s market. On the other hand, they alsowanted to know how the government watchdog agency studied the 9 federal agencies that were called to oversee the sector coordinate on policymaking.

As senators wrote to Comptroller General Gene Dodaro, head of the GAO, companiesoperating in the payments industry are overseen by a group of regulators such as state regulators, federal bank regulators, and different other federal agencies.

With this in mind, merchants looking for a reliable and secure merchant account for their company should turn to a reputable payment processor like EMB. eMerchantBroker boasts exceptional merchant account services and offers the lowest possible rates in the industry. EMB is voted the number one payment processor in the United States and boasts an A+ rating with the Better Business Bureau (BBB).

New Regulations Concerning Mobile Payments

The senators also wrote that federal regulatorsand congress must ensure that laws and regulations concerning mobile payments enhance innovation while providing protection for consumers. They also mentioned in the letter that they were trying to get a better understanding of current regulations and efforts put by the state and federal authorities with regard to mobile payments.

Their main concernsaboutGAO bring the existing regulations into question as they might be duplicative. They are also interested in strategies that agencies can apply to avoid duplication, current barriers, and fragmentation with regard to coordination.

The lawmakers are also interested in how federal regulators deal with the new electronic payments, including campaign contributions made using Bitcoin, which was allowed by the Federal ElectionCommission in 2014.