Analysis of Mobile Payment Transactions and Liability

This report provides an analysis of mobile payment transactions, focusing on online payment methods and the associated intellectual property and liability issues. The report examines the rules governing new payment systems, including the Federal Reserve's role and the importance of public benefit. It discusses intellectual property rights, particularly in the context of innovative payment devices. The report also delves into the allocation of risk in internet transactions, referencing relevant regulations such as the Truth in Lending Act and the Electronic Fund Transfer Act. It highlights the security measures developed to reduce fraud and error losses, as well as the ongoing efforts to address cybercrime. The report concludes with a discussion of liability, emphasizing the shared responsibility of businesses and consumers in online payment scenarios. The report references various sources to support its claims and analysis.

Running Head: Mobile payment transactions 0
Online payment methods February 14
2020

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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

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consumer is only charge up to $50 in unauthorized use of credit card before the customer
inform about the possible loss same case comes with debit card but the information must be
provided within two days.
Conclusion
As discussed above the various methods of the online payment and the advantages
and disadvantages of the online transaction. In the case, the liability is of the restaurant and
sally both according to the intellectual property right.

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Reference
H, G. (2018). Hands-On Bitcoin Programming with Python: Build powerful online payment
centric applications with Python. Packt Publishing Ltd. In G. H, Hands-On Bitcoin
Programming with Python: Build powerful online payment centric applications with
Python. Packt Publishing Ltd. Chicago: Packt Publishing Ltd.
Holt, G., & E, K. (2017). International Journal of business. The long-run performance of US
bidding firms in the post M&A period: the impact of bid type, payment method and
industry specialisation., 230-245.
N, S., & Prashanth, A. (2018). Secure Payment Modes Technology for E-Commerce
Applications. . Improving E-Commerce Web Applications Through Business
Intelligence Techniques , 208-222.
Y.W, C., & Lo, Y. (2017). Innovation and imitation: Competition between the US and China
on third-party payment technology. Journal of Chinese Economic and Foreign Trade
Studies, , 252-258.

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