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Tech Giants Partner to Talk Mobile Payment Standards
Can carriers, tech firms, and banks agree on a mobile payments standards? A new trade group committee hopes the answer is yes.
Mobile payments have been slow to catch on in the U.S., but the Electronic Transactions Association has nabbed the cooperation of the top four wireless carriers and a few other tech heavyweights for a new committee intended to push the feature ahead.
The trade group’s Mobile Payments Committee will work to develop and implement industry-wide solutions – with the help of AT&T, Verizon, T-Mobile, and Sprint.
Other participating companies include Google, VeriFone, and PayPal, all of which have their own products in the mobile payment market. Financial institutions Wells Fargo and Capitol One, plus the likes of American Express, Discover, MasterCard, and Visa, have also joined the team.
The committee will focus on the business relationships between merchants, credit card companies, mobile networks, equipment operators and manufacturers, and financial institutions, while also exploring the best, most effective mobile payment solutions.
“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,” ETA CEO Jason Oxman said in a statement. “As a nascent industry, the mobile payments market is just beginning to realize its full potential as a robust enabler of global electronic commerce,” he said.
Education is also a top priority, so expect to see committee members pushing their ideas on Capitol Hill and reaching out to users.
The Mobile Payments Committee is chaired by Jackie Moran, Verizon’s executive director for federal relations, and is made up of representatives from ETA, credit card networks, processors, mobile network operators, developers, financial institutions, and device manufacturers, according to ETA.
“As the trade association of the payments 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,” the group said.
The committee will hold its first meeting later this month.
Mobile payments firm Square is absent from ETA’s list of participants, though not off of its radar. In an interview with VentureBeat, Oxman said he would welcome the startup’s addition to the group. Square just partnered with Starbucks to provide the mobile system to coffee fanatics across the country.
AT&T, T-Mobile, and Verizon have already signed on for Isis, a mobile payment system that uses Near Field Communications (NFC) technology for quick-and-easy payments. It’s being tested in Austin, Tex. and Salt Lake City, Utah, and American Express signed on in March.
American Express, however, did not sign on for Google Wallet. The search giant announced recently that all major credit cards were available via its mobile payment service, but AmEx disputed the claim.
By Stephanie Mlot, PCMag