Ongoing learning about the nature of mobile payments is critical to advance the knowledge of regulators, so they can address potential effects the system may have on the entire risk environment, according to a new report released today by the Federal Reserve Bank of Boston in conjunction with the Federal Reserve Bank of Atlanta.

Ongoing learning about the nature of mobile payments is critical to advance the knowledge of regulators, so they can address potential effects the system may have on the entire risk environment, according to a new report released today by the Federal Reserve Bank of Boston in conjunction with the Federal Reserve Bank of Atlanta.

The report, “The U.S. Regulatory Landscape for Mobile Payments,” examines potential gaps in U.S. laws and regulations governing the fast-evolving field of mobile payments.

The report results from several meetings of the Mobile Payments Industry Workgroup, convened by the Federal Reserve, including an April session with federal and state regulators.

The report indicates that further clarification of existing regulations and their applicability to mobile payment service providers will increase understanding for policymakers, dispel misperceptions and focus collective energies on potential risk vulnerabilities in the mobile channel.