MasterCard Worldwide is encouraging adoption of Europay/MasterCard/Visa (EMV) technology and working to ensure its payment rails are included as an option in the latest mobile devices.
Speaking at the Smart Card Alliance's NFC Solutions Summit 2012 in Burlingame, Calif., May 23, 2012, James Anderson, MasterCard Senior Vice President for Mobile and Emerging Payments, noted that EMV has the ability to provide quick, relevant data when, for example, people want more information about exhibits in museums or more information about advertised products. "Payment can be an enabler to a rich ecosystem of services," he said.
Anderson also said MasterCard embraced near field communication (NFC) because it has the "fundamental requirements" for payment security in the transaction, and it allows a two-way exchange of information between payor and payee.
MasterCard is participating in the Google wallet and the Isis wallet launches, Anderson pointed out. "We are going from an environment where the payment device is the center of the industry" to a new model where there are opportunities to leverage the mobile platform and consumer preferences on a shared platform, he stated.
Anderson called for standardization of both the wallet interface and security. "Standardization across payment networks - that's what we do," he said, adding that MasterCard has already certified several new mobile devices as 'PayPass Ready,'" that is, capable of NFC payment.
MasterCard is also forming a multi-industry group to help networks, issuers, merchants, acquirers, processors, terminal manufacturers, card manufacturers and others implement EMV in the United States.
Chris McWilton, MasterCard President of U.S. Markets, said, "Industry collaboration has proven to be critical to the successful migration to EMV in other parts of the world. It's our goal to bring the industry together in an objective forum."
MasterCard envisions the group focusing primarily on providing guidance on technical issues and standardization, creating common terms, descriptions and guidelines for EMV devices, and sharing and implementing best practices.
In addition, MasterCard is launching a global effort to educate mobile POS solution providers and merchants on best practices when using new mobile POS technology.
The MasterCard Mobile Point-of-Sale (MPOS) Best Practices document includes advice on securing MPOS payment applications, securing transaction data captured by an MPOS card reader accessory, securing personal account numbers, EMV chip transactions and more.
MasterCard solution providers can check their solutions against MasterCard Best Practices and apply to be listed on the company's website. Registration for the program begins in July 2012.
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