Oversight of the Regulatory Framework for Establishing Consumer Rights in Payment Services

Abstract

This article aims to examine the role of oversight of the consumer protection framework through the prism of payment services, emphasizing the importance of regulations that ensure a safe and transparent environment for users, the knowledge of financial services consumer rights and the proper realization of institutional roles. From the right to clear and transparent information to security mechanisms and the protection of personal data, this analysis will explore the contribution of institutional mandates overseeing the legislative and regulatory framework to creating a trusted payment experience. This research is relevant not only for consumers, who need protection and assurance in their use of financial and payment services, but also for financial service providers, who need to comply with legal requirements and maintain ethical standards in their dealings with customers. Through this research, we aim to highlight not only the challenges but also the opportunities that arise in the context of evolving payment services and consumer protection, thus contributing to a constructive dialog in the financial field. DOI: https://doi.org/10.53486/dri2024.34; UDC: 366.5:336.717(478); JEL: A12, B31, D11, D12, D18, G53