Brazilian President Dilma Rousseff has approved a law that introduces regulations for mobile payments in Brazil. Law number 12,865 creates a new legal entity known as a "payments institution," which will be regulated by the Brazilian Central Bank and allowed to offer mobile payment and banking services to low-income consumers.

The government originally outlined its plans to regulate mobile payments in Brazil in a bill introduced in May. The bill calls for common standards and interoperability between Brazil's different mobile payment schemes.

In September, the Brazilian Senate and Chamber of Deputies approved the bill, which had to be signed by the president to pass into law.

The Brazilian Central Bank now has 180 days to establish rules for mobile payment operators.

Learn more about mobile banking and regulatory issues.