Introduction to Payment Services: Law and Practice

Abstract

Payments are ubiquitous. All but the most basic cash transactions are electronic, and most involve a web of service providers and supporting systems and infrastructure. These have brought great improvements in the accessibility, speed, and security of payments. However, unchecked the payments ecosystem also carries risks for its end users and broader economic and financial systems. This is why payment services are now regulated in many jurisdictions and subject to a growing body of law. Within this context, the rise of fintech and cryptoassets in the payments sector presents new opportunities and challenges for firms, regulators and policymakers, and the law is continually changing to keep pace with these developments. This chapter provides the context for the book and an overview of its the contents from the book’s editors.