Directs every peer-to-peer mobile service to require users to create a personal identification code associated with the user's account that is required to be used when certain actions are taken and to require users to set a monetary amount for intended transfers above which the use of a personal identification number will be required to authenticate the user's identity.

This bill requires users of peer-to-peer mobile payment services to create a personal identification code for their accounts. Users will also need to set a specific monetary threshold for transfers, above which they must use this code to verify their identity when making transactions. This aims to enhance security for users making digital payments.

Supporters of the bill argue that it will significantly improve security for users of peer-to-peer payment services by preventing unauthorized transactions. They believe that requiring a personal identification code will help protect users' financial information and reduce fraud.

Critics contend that this bill may create unnecessary hurdles for users, making it more complicated to send money quickly. They argue that the requirement for a personal identification code could deter people from using these services, ultimately limiting access to financial tools for some individuals.