New Committee Formed to Create Mobile Payment Standards

168713751Mobile payment technology has been slow to catch on in the United States. I’m talking about things like credit card sliders that attach to your iPhone or iPad and other things that allow you to pay for something anywhere, at any time. Even though this technology has yet to hit its stride, the Electronic Transactions Association has gained the cooperation of the top four wireless carriers, along with a few other large tech companies, for a new committee designed to push these features forward.

Known as the Mobile Payments Committee, this group will work to develop and implement industry-wide solutions with the help of AT&T, T-Mobile, Sprint and Verizon. In addition to the carriers, other companies participating include Google, VeriFone and PayPal, all of which have their own products in the mobile payment market. American Express, Discover, MasterCard and Visa have also jumped on board.

The committee will focus on the business relationships between merchants, credit card companies, mobile networks, equipment operators and manufacturers and financial institutions.  It will also focus on exploring the best and most effective mobile payment solutions.

According to ETA CEO Jason Oxman, “Mobile payments represent a game-changing business opportunity for our industry, and ETA’s mission is to help our member companies succeed in this business. As a nascent industry, the mobile payments market is just beginning to realize its full potential as a robust enabled or global electronic commerce.”

The Mobile Payments Committee is chaired by Verizon’s Executive Director for Federal Relations Jackie Moran and is comprised of representatives from ETA, credit card networks, processors, mobile network operators, developers financial institutions and device manufacturers.

According to the group, “As the trade association of the payment industry, ETA is the hub of activity in mobile payments, and our Mobile Payments Committee will help ensure that consumers and merchants have access to an efficient, reliable and secure mobile payments system.”

I have actually used this technology first hand. I went to a concert and the artist was selling merchandise and allowing customers to pay by using one of these mobile payment methods that was attached to an iPad. All I had to do was swipe my card, use my finger to sign on the iPad’s touch screen and choose if I wanted my receipt sent via email or text message.

It was extremely convenient and easy to use, which is why I am surprised that the technology hasn’t caught on more quickly. However, with the introduction of this new committee, perhaps we can see a greater adoption of this technology that truly does make transactions on the go a lot easier.

Source: PC Mag – Tech Giants Partner to Talk Mobile Payment Standards

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