#Mobile Payments#mobile payment#Canadian Bankers Association#Canadian bankers#digital wallet#pay by mobile

Canadian Banks Set Guidelines for Paying by Mobile

|May 14|magazine7 min read

 

The idea of leaving your wallet at home and paying with your cell phone has taken one more step towards becoming a realistic option. The Canadian Bankers Association announced today their mobile payment guidelines that will ensure safety and security for consumers while allowing innovation in the mobile marketplace.

Introduced in light of the fact that mobile payment solutions are becoming a more popular technological subject amongst Canadians, the voluntary guidelines have been created to serve as a blueprint on how mobile payment capabilities will be offered in the Canadian market. These guidelines define how information will be shared between financial institutions, payment card companies, telecommunications companies and merchants while committing principles to the mobile payment market. The Canadian Bankers Association believes these guidelines will push forward the development of mobile payment solutions for the near future.

How will these guidelines specifically benefit the market? The Canadian Bankers Association claim they enable innovation by providing a common framework in which mobile payment capabilities will work with current payment systems, will provide clarity and efficiency by offering a common framework in which mobile payment solutions will be carried out and will deliver continued security as the guidelines are designed to work with current contactless payment technology already available today.

 

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“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,” said the Canadian Bankers Association in an official statement.

Will you use the upcoming mobile payment solution technology and pay for your everyday purchases via your smartphone? Will this new opportunity make losing one’s cell phone an even larger nightmare? As always with new technology there are pros and cons, but it will be interesting to see how these mobile technology solutions will revolutionize the retail marketplace.