From: Subject: Where EMI-directive and mobile phone payment systems will meet ... Date: Sun, 17 Sep 2006 22:41:56 +0200 MIME-Version: 1.0 Content-Type: multipart/related; boundary="----=_NextPart_000_000A_01C6DAAA.7AB86C40"; type="text/html" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2800.1807 This is a multi-part message in MIME format. ------=_NextPart_000_000A_01C6DAAA.7AB86C40 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Content-Location: http://web.archive.org/web/20010105083400/http://epso.jrc.es/newsletter/vol01/1-3.html Where EMI-directive and mobile phone payment systems = will meet ...

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[1&3]

Where EMI-directive and mobile phone payment systems will meet=20 ...

Simon Lelieveldt

/EMI-directive/ electronic money/mobile phone payment systems/=20 regulation/policy/ innovation/WAP

While banks, telco operators and ICT-services companies are = developing=20 all kinds of mobile phone payment solutions, the EU will soon = publish the=20 long awaited directive on electronic money, which will result in = the=20 implementation of this directive in the local laws of member = states.=20 Consequently some payment solutions will classify as electronic = money=20 while other solutions fall outside the scope of these rules. In = order to=20 avoid high implementation costs, regulators and innovators may = benefit=20 from further considering and discussing the current technical and=20 regulatory developments.

When two market leaders such as Visa and Nokia join hands to = develop=20 solutions for advanced mobile e-Commerce, we don't need a crystal = ball to=20 predict that some of the major future innovations in the = electronic=20 payments domain will consist of the combination of mobile phone = technology=20 with existing payment systems. This year, we see the market = parties=20 establishing their positions. For example, Woolwhich, the British=20 retailer, set up a WAP Mobile Phone Banking Service in partnership = with=20 Nokia. In the Netherlands we see the Dutch Postbank offering = WAP-based=20 brokerage services in partnership with Ericsson and Libertel. = Another=20 Dutch example is the WAP-based payment product developed as a = joint effort=20 by KPN (in its role as the WAP-gateway operator) and Bibit, the=20 payments-facilitator on the Internet.

If we look at the phone market developments in the EU we can = see that=20 mobile phone operators are adapting their phones, routers and = networks to=20 become IP-based. The existing infrastructure (including the = billing=20 engines) will be used as the starting point. This means that a = number of=20 different payment solutions will be developed to allow payment = with mobile=20 phones. Payment can be achieved through the operator or access = provider=20 channel by adding items to existing mobile phone bills or = access-provider=20 bills. For these solutions either pre-payment or a proper customer = identification and client-operator relationship is a prerequisite. = Another=20 series of payment solutions will be based on a card solution. In = those=20 cases either a charge-card, a credit-card or a pre-paid card = serves as the=20 identifying component for making payments. Finally a series of = newly built=20 dedicated solutions can be envisaged in which the customer enters = into a=20 specific contract with a payment facilitator/integrator, to be = able to=20 make payments. Essentially this would be the mobile equivalent of = the=20 virtual credit-card.

While enterprises seek optimal solutions to maintain or gain a=20 competitive edge in this market, the European Commission will soon = publish=20 the long awaited directive on the taking up, the pursuit and the=20 prudential supervision of the business of electronic money = institutions.=20 As a result the issuing of pre-paid electronic money to consumers = is an=20 activity which will be regulated by the local supervisory = authority, also=20 responsible for supervision of banks. The supervision itself will = aim at=20 ensuring the stability, liquidity and reliability of the e-money = issuing=20 institution, which - as a matter of competitiveness and open = markets -=20 does not have to be a bank.

To understand the possible consequences of the directive on = electronic=20 money for mobile phone billing solutions, we should note that the=20 EMI-directive specifically covers pre-paid forms of payment = solutions, in=20 which payments are made to more organisations than the issuer of = monetary=20 value. A simple pre-paid phone card, issued by a network operator = and used=20 only for phone calls, constitutes a pre-payment of services and = falls=20 outside the scope of future legislation. If however, that same = operator=20 would use its pre-paid mechanisms to allow its users to pay for = buying=20 drinks from a vending machine (operated by another company) as = well, the=20 prepaid card would not be viewed as pre-payment of services but as = some=20 form of monetary value, issued to the user. The system would then = fall=20 under the regulatory regime specified in the EMI-directive. If on = the=20 other hand, the network operator would not use pre-paid mechanisms = but=20 would add the drinks ordered at the vending location to the phone = bill,=20 the applicable laws would be the local laws pertaining to payment=20 instruments. In some member states this would mean that a bank = license is=20 needed. In other member states issuing a payment instrument does = not in=20 itself constitute banking and does not lead to additional = supervision (see=20 also [1&8]).

The adapted infrastructures and billing engines from mobile = phone=20 network operators may fall under the future local legal = implementation of=20 the EMI-directive and (for the billing part of it) under local law = with=20 respect to payment instrument. It appears to be useful, therefore, = for=20 mobile phone operators and regulators to further consider and = discuss the=20 potential legal consequences of the current technical = developments.=20 Regulators may benefit from this discussion and be better able to = decide=20 on the best local implementation of the EMI-directive. The mobile = phone=20 network operators may benefit by better understanding the = supervisory=20 consequences of some of the technical choices to be = made.

   
[info]

=B7=20 Visa/Nokia agreement: http://www.visa.com/av/news/press_release.ghtml?pr_form_edit=3D2= 36.

=B7=20 Woolwhich/Nokia pilot: http://www.woolwich.co.uk/wap/.

=B7=20 Postbank/Erisson/Libertel pilot: http://www.postbank.nl/home/1,3000,241,FF.html.

=B7 = KPN and=20 Bibit WAP-payments: http://www.wapped.nl/mcommerce/zepn3.html.

=B7 = Status of=20 Codecision procedure on electronic money directive http://wwwdb.europarl.eu.int/oeil/oeil_ViewDNL.ProcedureView?lan= g=3D2&procid=3D3381.

=B7 = Latest=20 version of EMI-directive: http://register.consilium.eu.int/pdf/en/00/st03/03628en0.pdf.

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