Financial Industry Announces Guidelines for Mobile Payments in Canada
With Demand for Mobile Payments Growing, Guidelines Provide Safety and Security for Consumers, Allow for Innovation in the Marketplace
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 05/14/12 -- As Canadians continue to adopt mobile technology and as demand for mobile payments capability continues to grow, the banking industry and credit union system today announced a set of voluntary, secure, open guidelines for the development of mobile payments at point-of-sale in Canada.
The voluntary guidelines, technically known as the Mobile Reference Model, will serve as a blueprint for how mobile payment capabilities can be offered in the Canadian market, including guidelines around how information is exchanged among various parties to a transaction including financial institutions, payment card companies, telecommunications companies and merchants. While voluntary, the financial institutions that developed the guidelines are committed to these principles in the mobile market, and these guidelines are intended to create a path to help all market participants move forward in developing mobile payment solutions.
Canadians are looking forward to being able to pay at point-of-sale with their mobile device, and today's announcement of guidelines for mobile payments in Canada brings this closer to making it a reality. By developing a set of guidelines that all participants in the payments marketplace can work within, the goal is to ensure safety, security and ease of use for merchants and consumers while allowing for innovation and competition among market participants.
The guidelines are designed to provide clarity to the marketplace as various participants consider how they will meet the growing demand for mobile payments in Canada. These guidelines were developed as an outcome of the federal government's Task Force for the Payments System Review in 2011, and provide definition for a fair, transparent, and competitive Canadian market for emerging payment options with mobile devices.
The guidelines were developed cooperatively by major Canadian banks and credit union groups(1), to support innovation in the marketplace. Specifically the guidelines will benefit the market in a number of key areas:
The mobile payment guidelines have been developed to be in full compliance with Canadian regulations and will respect the Code of Conduct for the Credit and Debit Card Industry in Canada. We look forward to working with the federal government on adaptations to the Code of Conduct to reflect emerging issues related to mobile payments.
As part of the process of establishing the guidelines, outreach was undertaken with a wide range of industry stakeholders to ensure the guidelines met the foundational needs of all parties for an open, fair, and secure system for mobile payments, and this dialogue is ongoing.
The Mobile Reference Model (Guidelines) can be found .
(1)Participating financial institutions:
About the Canadian Bankers Association
The Canadian Bankers Association works on behalf of 53 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 274,000 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada's economy. The Association also promotes financial literacy to help Canadians make informed financial decisions and works with banks and law enforcement to help protect customers against financial crime and promote fraud awareness. .
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Contacts:
Canadian Bankers Association
Rachel Swiednicki
(416) 362-6093, ext. 220 or Cell: (416) 587-7733
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Datum: 14.05.2012 - 09:38 Uhr
Sprache: Deutsch
News-ID 1114069
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