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.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more
