A major European financial regulator is to “intensify its efforts” on the payments sector, with a particular focus on mobile, innovations and consumer protection.
Published last week, the European Banking Authority's (EBA) 2014 annual report highlighted that although innovation is crucial to market growth, the regulator will increase scrutiny and asses risk “to ensure consumers, investors and depositors are protected”.
In a separate report on consumer habits it singled out trends it will focus on in the coming year, with concerns about the risks surrounding “non-traditional” payment methods such as mobile and e-wallets.
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