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Emerging Payments Market Developments Trends and Issues. Marianne Crowe, Vice President, Federal Reserve Bank of Boston James Van Dyke, President and Founder, Javelin Strategy and Research Cindy Merritt, Assistant Director, Retail Payments Risk Forum. State of environment today: key trends:

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slide1

Emerging Payments Market Developments

Trends and Issues

Marianne Crowe, Vice President, Federal Reserve Bank of Boston

James Van Dyke, President and Founder, Javelin Strategy and Research

Cindy Merritt, Assistant Director, Retail Payments Risk Forum

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State of environment today: key trends:

  • Continued investment in new technologies drives evolution of payment devices and channels
  • Increased participation of non-banks in retail payments
  • Regulatory oversight and legal frameworks struggle to keep pace
slide3

New payment developments

  • Leverage existing clearing and settlement systems
  • Chip and contactless technology
    • improved security features
    • cards and mobile handsets
  • Mobile
    • Developments rapid in developing countries
    • Stored value and remittances
    • P2P
  • Social networks participating in micro-payments
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Increased participation of non-bank entities

  • Telecommunications industry and mobile
    • Will it be secure?
    • Who will regulate mobile banking? Mobile payments?
  • Alternative providers sharing technology to support payments
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Regulatory oversight and legal frameworks unclear

    • Existing laws and regulations did not contemplate electronic or mobile payment environment
    • Inconsistent among payment channels
  • Gaps in oversight may create risk vulnerabilities
    • Complications for fraud prevention
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Our panel today

  • Marianne Crowe, Vice President
  • Federal Reserve Bank of Boston
  • James Van Dyke, President and Founder
  • Javelin Strategy and Research