Assessing the impact of mobile wallet services from a central bank perspective

Abstract

De Nederlandsche Bank (DNB) has developed a framework for assessing the impact of innovations on the functioning of the payment system. This framework is used to determine whether action needs to be taken to mitigate risks or remove barriers for the successful introduction of innovative products. Application of this framework to mobile wallets shows a number of issues that deserve further attention from both authorities and market participants, including security and privacy, standardisation and legal ambiguities.