The Senate of Brazil has approved a bill that will regulate mobile payments.
Brazil’s president, Dilma Rousseff, is expected to approve the bill without vetoes in the next two weeks as it has already been passed by the lower house.
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The bill gives Brazil’s central bank the power to regulate small financial transactions made with mobiles in particular via text message.
The proposal includes the Brazilian Payment System which covers card payments, electronic money and phone payments.
The terms laid out in the bill stipulate that the central bank should work with the telecoms regulator, the communications ministry and the national monetary council to encourage financial inclusion through mobile payments.
According to the bill, the central bank has 180 days to set specific rules for the market.
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