Mobile Payments: FinTech vs. Non-FinTech Patent Landscape
In November 2016, European Payments Council (EPC) launched the SEPA Instant Credit Transfer scheme. With this move, the payment coordination body of the European banking industry has placed over 34 European countries at the center-stage of ‘mobile payments’. This scheme will not only spearhead adoption of instant mobile payments and transactions worldwide, but also push the major economies of the World to start regulating the unstructured and incomplete mobile payments legal framework. The 2012 statement by the Associate General Counsel of Board of Governors of the Federal Reserve System (BGFRS), United States, summarized the consumer regulations related to mobile payments that are still existent and followed in the US. Growing adoption of mobile payments and steps taken by other regulatory bodies of the world like EPC will certainly push USA to update its own regulatory and legal framework.