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Legal and Regulatory Framework of the Payment and E-Money Services in the BRICS Countries

https://doi.org/10.21684/2412-2343-2019-6-2-60-81

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Abstract

This article focuses research on a comparative analysis of the legal and regulatory framework of the payment and e-money services in the BRICS countries. These services are the most receptive to innovation and considerably contribute to financial inclusion. The central banks of the BRICS countries play key roles in their national payment systems, and they each have different statutory authorities on regulation and supervision or oversight of payment services providers, payment schemes and payment systems. Nevertheless, there are a number of features common to all the BRICS countries and the research emphasizes and describes these features as well as distinguishes national particularities.

About the Author

A. Shamraev
MGIMO University
Russian Federation

Andrey Shamraev – Associate Professor, Department of Private International Law and Civil Law 

76 Vernadskogo Av., Moscow, 119454, Russia



References

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3. Martins de Almeida G. M-Payments in Brazil: Notes on How a Country’s Background May Determine Timing and Design of a Regulatory Model, 8(3) Washington Journal of Law, Technology & Arts 347 (2013).

4. Okeahalam C.C. Regulation of the Payments System of South Africa, 4(4) Journal of International Banking Regulations 338 (2003). https://doi.org/10.1057/palgrave.jbr.2340151


For citation:


Shamraev A. Legal and Regulatory Framework of the Payment and E-Money Services in the BRICS Countries. BRICS Law Journal. 2019;6(2):60-81. https://doi.org/10.21684/2412-2343-2019-6-2-60-81

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ISSN 2409-9058 (Print)
ISSN 2412-2343 (Online)