News

CI asks Members to support new international standard on mobile payments

08 May 2015

As a new ISO international standard for mobile financial services reaches a critical stage, Consumers International (CI) is calling on all CI Members to write to their National Standard Bodies to support its adoption. 

 MPESA_mobile financial services

The new standard, developed by CI alongside other stakeholders, will promote best practice, trust in services and the building of consumer confidence in mobile financial services. 

Currently in draft form, the international standard ISO 12812 has been sent to National Standard Bodies who will vote on whether to make it a published standard, to be used by industry, government and consumers alike. 

At a national level the support of consumer organisations is vital to progress standard ISO 12812. CI is encouraging all its Members to contact their National Standard Body to inform them that consumers would welcome this new standard and support a positive vote.

The volume of financial transactions made using mobile devices has exploded in the last decade and continues to increase exponentially but there is often little or no consumer protection. Traditional financial services regulations do not always cover, or have not been updated to cover mobile financial services.

This standard will promote consumer protection mechanisms including fair contract terms, rules on transparency of charges, clarification of liability, complaints mechanisms and dispute resolution.

The voting period is 8 April – 8 June 2015.

For more information, including links with contact details of National Standards Bodies, please download the briefing below. 

 

 

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