Peruvian legislature passes mobile banking bill

Mobile banking will be more secure

A bill to create regulatory framework for mobile banking transactions has been passed by the Peruvian legislature. It establishes safeguards in order to protect the privacy and personal information of users carrying out transactions with electronic currency.

However, under the proposed regulations only companies overseen by the national financial services watchdog SBS can issue e-money. The vote was largely unanimous with legislators approving the proposa 95-0 with two abstentions.

In Peru, mobile banking is considered as a possible remedy to the low penetration of financial services amongst the population. 

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