Canadian Bankers Develop Blueprint for M-payments
As Canadians continue to adopt mobile technology and as demand for mobile payments (m-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 m-payments at point-of-sale (POS) in Canada.
The voluntary guidelines, technically known as the Mobile Reference Model, will serve as a blueprint for how m-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.
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.