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Legal And Ethical Responsibilities In Mobile Payment Privacy

Mobile payment is the new trend in the payment technology sector. The ecosystem of mobile payment is complicated and consists of multiple dimensions. Securing consumer privacy is an important aspect in any type of payment industry. Since the mobile payment industry is in its infancy, the requirements for respecting privacy are not too clear. This paper discusses the legal and ethical responsibilities of the individuals and organizations in the mobile payment industry to protect consumer privacy. As part of the discussion, firstly, the main types of mobile payment methods are explained. Secondly, the legal requirements of the privacy protection are analyzed. The main privacy aspects of Gramm-Leach-Bliley Act are explored in order to examine the legal requirements. Thirdly, the privacy concerns in the mobile payment methods are discussed as they relate to Gramm-Leach-Bliley Act. Finally, this paper recommends several guidelines to improve and protect consumer privacy in the mobile payment industry. This paper concludes with the ethical requirements of the businesses to build the trust from the consumers by protecting their privacy.