News, Law aspects

National Bank of Malawi (NBM) expressed its concern regarding the absence of the relevant legislative base to match the current global technological needs.

The bank notes that the existing laws in the sphere of commerce make allowance for checks and cash as the only legal payments which are found by the bank to be very archaic.

US voters were polled to express their opinion on the Credit Card Fair Fee Act, a legislation according to which retailers are allowed to negotiate credit card fees directly with the credit card industry in order to cut interchange fees. The survey shows that 77% of them support the new legislation.

The use of electronic banking poses many potential concerns with privacy, online theft and identity theft. The use of these processes may hold more convenience; however there may be some losses that will occur as a result of its use.

Online security related to the sensible information concerns the UK House of Lords. The members are calling for improvements to the way personal data is protected on the web.
The government was inculpated by the Select Committee for "a level of indifference dispelled only as a result of recent incidents involving serious losses of personal data".

On July 3, 2008 the Beijing Administration of Industry and Commerce has published an announcement with the draft of new rules for Internet commerce, which will come into force on August 1.

According to the new rules all "for-profit online stores" will be obliged to register for a license, as for the "individuals who sell or exchange items for personal use", they are not required to pass the registration.

New amendments were introduced to the banking industry's Code of Banking Practice in order to provide better protection for users of internet banking services.

InternetNZ (Internet Society of New Zealand) expressed concern about an unfair burden of responsibility put by the code on internet banking users which brings more advantages in favor of the banks to an excessive degree.

Geographical restrictions imposed by online retailers on the shoppers are going to be eliminated by the EU.
Meglena Kuneva, EU consumer chief, gave a speech in London where she stated that she would propose new legislation this autumn for creating an EU-wide set of rules governing online and in-store transactions.

The Internal Revenue Service has introduced several new features to the interactive Online Payment Agreement application , which will make it easier for taxpayers and their authorized representatives to make changes to existing installment agreements.

The system will now permit:

Credit Card Fair Fee Act of 2008 introduced by US Senator Dick Durbin to "safeguard consumers and retailers by preventing credit card companies from using their market power to charge unfair fees through an unfair process" put MasterCard and Visa under great pressure.