Stripe mobile payments are now in the news again after the Federal Reserve made a surprise announcement that it would begin rolling out mobile payments on March 31.
The move came as a surprise to many consumers who had assumed that the Federal Deposit Insurance Corporation (FDIC) would take the lead on the project.
The FDIC has already started rolling out the mobile payment program for banks, but it is unclear how the Federal Government will go about implementing the technology.
For example, it could be that the FDIC chooses to allow banks to use the technology for their own purposes and not for the purposes of issuing mobile payments.
The Federal Reserve announcement comes as banks are facing mounting pressure from consumers who have found that their bank account balance dropped from an average of $1,600 in early 2017 to $300 last month.
While the FDI’s decision to allow mobile payments may seem like a simple one to implement, it is not without its problems.
The Federal Reserve may have to set up an agency to implement the mobile payments system.
Banks are likely to find it challenging to manage the rollout of mobile payments in their own bank branches and other financial institutions, according to a recent article from Bloomberg.
Even if banks are able to implement a mobile payment system in the coming months, there are still some obstacles in the way.
The technology has to be tested in a controlled environment and banks will have to establish a customer retention program to make sure that users don’t become frustrated by being unable to pay their bills or not receive any of their money back.
Also, banks may have trouble complying with existing consumer protection laws, which may be difficult for them to enforce in the face of regulatory challenges.
If the FDII doesn’t decide to roll out mobile payment for banks on March 1, then banks will be required to implement their own system by March 31, which could take some time.