OECD Committee on Consumer Policy issues new policy guidance to boost consumer protection in mobile and online payments
4 April 2014 - The OECD Committee on Consumer Policy has issued policy guidance to boost consumer protection when using mobile and on-line payment systems and identify ways in which policy makers and businesses can work together to strengthen consumer protection while spurring innovation in the marketplace.
According to Michael Jenkin, Chair of the OECD Committee on Consumer Policy, “The OECD has long recognised that improving consumer trust in new technologies is a key to boosting economic growth and consumer welfare. This policy guidance provides governments and industry stakeholders with fresh ideas on how to do just that for emerging payment systems, in both OECD and non-member economies.”
The guidance addresses a number of key issues in the emerging mobile and online payment area, including the need to establish minimum levels of consumer protection across payment mechanisms, enhanced privacy and child protection, and standards for transparent and accessible information disclosures.
For more information, please contact Comsumer.Policy@oecd.org of the OECD’s Directorate for Science, Technology and Innovation.