The Canadian Bankers Association published guidelines for near-field communication (“NFC”) based mobile payments, including functional elements, roles, responsibilities and interaction models needed for the development of a NFC-based mobile payments ecosystem. NFC-based mobile payments are contactless payment transactions that require the mobile device to be in close proximity to the reader and require integration of hardware and software on the mobile device. The guidelines discuss the elements needed to enable NFC mobile payments and to process NFC mobile payment transactions. Click here for a summary of the guidelines and here for the guidelines.
Alert June 12, 2012