The Federal Trade Commission (FTC) recently released a staff report highlighting key issues facing consumers and companies as they adopt mobile payment services. The report noted the rapid growth in mobile payments innovation and services. Also, the report showed the problem of mobile “cramming” when third parties place unauthorized charges on a consumer’s mobile phone bill.
In late July, the Federal Reserve Banks of Atlanta and Boston published a summary report on the mobile payments regulatory landscape. The report covered the opportunities, challenges, and regulatory coverage of mobile payments.