Collaboration and leveraging proven technology and a merchant infrastructure that is already in place are the keys to making NFC payments a reality, says a new white paper from the Smart Card Alliance.
‘Security of Proximity Mobile Payments’, a new white paper from the Smart Card Alliance, sets out a business model for NFC payments based on collaboration between industry stakeholders and the leveraging of both existing technology and existing merchant infrastructure.
In the Smart Card Alliance’s ‘collaboration model’, financial institutions, mobile operators, trusted third parties and other stakeholders in the mobile payments ecosystem would cooperate in the management and deployment of mobile applications. As well as explaining the roles and responsibilities of each of the players in a potential NFC ecosystem, the white paper also identifies the risks present during the lifecycle of the payment information stored on the mobile device and suggests appropriate countermeasures.
“There is no question that consumers love mobile technology and view it as a necessity in their daily lives, so it makes sense for the next step to be paying with cell phones,” says Randy Vanderhoof, executive director of the Smart Card Alliance. “This white paper explains how industry stakeholders can take advantage of this love of mobile technology and introduce secure proximity mobile payments by collaborating and leveraging proven technology and a merchant infrastructure that is already in place.”