Vodafone, Orange and Telenor are among the first 11 operators to sign up to a new GSM Association (GSMA) code of conduct for mobile money providers designed to promote responsible digital financial services.
The GSMA has signed up operators running 82 mobile money services in 51 countries. In addition to the three listed above, Zain, Airtel, Avea, Etisalat, Millicom, MTN, Ooredoo and Axiata have all joined the scheme, which covers eight key principles designed to deliver sound financial services, ensure security, and protect consumers.
"By endorsing the Code of Conduct, mobile operators are demonstrating their commitment to offering safe and reliable services, which will strengthen the digital financial ecosystem by fostering consistent implementation of business practices that ensure service quality, enhance customer satisfaction, facilitate commercial partnerships, and build trust with regulators," said Anne Bouverot, director general of the GSMA.
Mobile operators that sign up to the code are committing to: safeguarding customer funds from the risk of loss; cutting money laundering and terrorist funding; ensuring third-party resellers offer safe services; allocating sufficient network capacity to ensure reliable services; safeguard the network and payment channel; communicate clearly with consumers; develop mechanisms to ensure speedy resolution of complaints; and to act fairly when collecting and processing personal data.
"The GSMA strongly encourages all of its members offering mobile money services to endorse the Code that we've introduced today," Bouverot added.
A self-assessment process is set to be developed as part of the GSMA's code, and the Association also plans to produce a certification programme to verify operators' compliance.
Adyen, a payment technology company, last month revealed Europe is the world's leading region in terms of mobile payment services, with transactions accounting for 23.3 per cent of all online payments in the third quarter. Asia Pacific recorded the highest growth during the period, with mobile payments in the region in August up 58 per cent year-on-year.
- view the GSMA's announcement
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