Reuters: Regulatory News: Brazil to introduce new regulations for mobile phone transactions

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Brazil to introduce new regulations for mobile phone transactions Oct 29th 2012, 17:37 PORTO ALEGRE, Brazil | Mon Oct 29, 2012 1:37pm EDT PORTO ALEGRE, Brazil Oct 29 (Reuters) - Brazil's government is finalizing details on a new regulatory framework for financial transactions through mobile phones, central bank chief Alexandre Tombini said on Monday. The move aims to lower the cost of transactions and spur competition among merchant service providers, Tombini said. "The measure aims to bring about the security necessary for those involved in these new payment methods, and hands the central bank the task of regulation," Tombini added.

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