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

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.

Keywords

• payment services regulation
• e-money regulation
• branchless banking regulation
• payment oversight
• central banks
• brics legal framework