Mobile payment transactions 1
Issue
Whether there is any liability of the owner in context of intellectual property?
Rule
There are three basic rules to introduce a new payment system, which are as follows –
the first one says that the Federal Reserve must anticipate reaching full retrieval of money
over the long run. The second one says that the Federal Reserve must anticipate that the
services, which they will be providing, will give transparent public benefit for example
promoting the honesty of the payment system, improving the efficiency of financial markets,
deducting the risk related with payments and securities-transfer service, or upgrading the
method of the payments system (Garg, 2018). The hiring party, the individual who are hired
to form a work product, will own intellectual property rights. In a particular scenario the
ownership is equally, distribute between both the parties. This is the case where the proprietor
does not own a proprietor created invention, there are certain rights, which are given to the
employers, which are limited rights to use the invention.
Application
Sally invention on payment system device that allows customers to order and pay at
the table with their mobile device is very innovative and fast method and it is for the benefit
of the people of the US (N & Prashanth, 2018). There are certain risk in the in the allotment
of internet transactions. The principles that apply to the allotment of risk and the parties
following liabilities arising from challenging internet payment transactions are based on the
similar principles in the case of face-to-face transactions. Which are named – for the
transactions of credit card, the federal Truth in Lending Act and regulation Z. for the
transactions of debit card user, the electronic Fund Transfer Act and Regulation E. These are
rules describes the risk and liabilities between the card issuer and the customer which is
cardholder (Holt & E, 2017). After practicing with MOTO, transactions for so many years
have enabled merchants and cardholders to develop artificialize security methods and
procedures to reduce fraud and error losses. There are various cybercrimes, which are also
prevailing and occurring and because of that law, making authority is working on federal and
state laws in order to protect and reduce the cybercrime. Although the allotment of risk
related to cybercrime in online transaction is still developing (Y.W & Lo, 2017). The

Mobile Payment Transactions - Liability of the Owner In Context of Intellectual Property

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