1. OniBerry's Avatar
    CTVNews.ca Staff
    Date: Monday May. 14, 2012 9:00 PM ET
    New standards for financial institutions and telecommunications companies to guide the use of mobile devices in retail purchases were released Monday by the Canadian Bankers Association.

    The voluntary guidelines set out how these two industries will work together as the new smartphone technology is rolled out across the country.

    "Canadians are looking forward to being able to pay at point-of-sale with their mobile device, and today's announcement of guidelines for mobile payments in Canada brings this closer to making it a reality," the CBA said in a statement Monday.

    While mobile banking using an app on your smartphone isn't exactly new technology, paying for items with a swipe of that device may soon be the norm.

    It's also expected some of the country's major banks will soon announce partnerships with telecommunications companies to get the technology off the ground.

    The guidelines create a foundation for mobile payments that allows "all market participants to benefit from the work done so far and to focus on delivering unique competitive offers to consumers," the association said.

    Known as the Mobile Reference Model, the document sets out a framework for how mobile payments can work with existing systems such as contactless readers already widely installed across Canada.

    "This benefits merchants and consumers by building on an existing system, and leveraging the same high-security standards used by today's chip-enabled credit and debit cards," the association said.

    It also establishes how information is exchanged between parties, including financial institutions, payment card and telecommunications companies as well as merchants.

    The guidelines are the result of a federal government task force in 2011 that reviewed Canada's payments system.

    They provide a definition for "a fair, transparent and competitive" market for the increasing use of mobile devices to make purchases, the association said.

    The standards were developed co-operatively between Canada's major banks and credit union groups, it said.

    "While voluntary, the financial institutions that developed the guidelines are committed to these principles in the mobile market," the association said.

    It's expected the payment system would work by having debit and credit card information embedded in the SIM chips of smartphones, making paying for an item as simple as swiping an enabled device over a receiver at the checkout.

    Introducing the mobile option for consumers will also help retailers in Canada catch up to countries in Europe and Asia, and provide telecommunications firms with a new source of revenue.

    The CBA said about five per cent of Canadians reported using existing mobile banking in the last year. That number is expected to climb to 23 per cent in the near future.

    BCE Inc. and Rogers Communications have already tested mobile payment technology using a system known as "Near Field Communication" that allows payments using a wireless connection between a smartphone and a retailer's terminal.

    Some smartphone manufacturers are also installing NFC antennas in their products.

    It's expected with current turnover rates of mobile devices the majority of Canadians will have the equipment by 2014.

    As well, the federal government is taking steps to oversee new mobile and digital payment systems as they evolve.

    Ottawa is expected to soon announce the creation of an advisory committee made up of private and public sector members who will meet regularly with the government to discuss ongoing payment system changes.

    Read more: Canadian bankers release mobile payment guidelines | CTV News
    05-14-12 10:31 PM
  2. jwn66's Avatar
    On Fringe two weeks ago they made it part of the show, Guy buys a coffee and they go out of there way to show how he pays for it. Then later when he croaks. Astrid goes oh, that's how people pay for stuff now when Walter looks at the dead guys phone, then he goes "fascinating" "what will they think of next". Big SPRINT logo as well lol.
    Last edited by jwn66; 05-14-12 at 11:09 PM.
    05-14-12 11:05 PM