Mobile Payments in the EU: Overview, Legal Framework and Infrastructure and Challenges

April 2016

Abstract

The mobile payment revolution has started in our society and is already changing our ordinary lives by merging one of the oldest economic tools –money— with one of the most popular technological device invented in our current millennial era –smartphones—, as the emerging mobile payment applications are already easing consumers’ quality of life significantly by providing the capability to shop and purchase goods and services without carrying cash, cheque books or even plastic cards. The corner stone of this revolution is the transition from plastic cards to cards integrated in smartphones, wearable devices, or even embedded in our personal biometric prints, as now customers expect banking transactions to be instantly available on digital and mobile devices so that they can access their money and make payments whenever and however suits them.

Author

Sancho Guibert

Associate General Counsel, Citibank, Spain

Sancho Guibert is a is a dual qualified lawyer (as solicitor in England and Wales and abogado in Spain), working at Citibank for more than 25 years under different roles and currently is a regional counsel for Citi's Legacy Franchises operating segment that primarily consists of the 14 international consumer businesses in Asia, Europe, the Middle East and Mexico that Citi chose to exit as part of its simplification strategy.

Company

Citibank

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

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