Alternative and Mobile Payment Systems


New payments providers such as Bitcoin and mobile or alternative payments companies are currently being licensed and regulated differently in various jurisdictions. The ULC has addressed this issue previously with the drafting of the Uniform Money Services Act (2000, amended in 2004), which dealt with the licensing and regulation of non-bank financial service providers like Western Union and PayPal. At that time, few new electronics payments providers were in business, but a decade later consumers are now using new methods and services to move their money, which raises concerns for regulators about how to protect funds when they are held by non-bank entities. In the absence of an overarching federal payments regulatory framework, state laws may need to be harmonized to the extent possible. This Study Committee will consider the need for and feasibility of enacting state legislation on alternative and mobile payment systems.

Committee Members

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