Guidelines for near field communication mobile payment revealed

Requirements for e-wallet payments were unveiled.

The Monetary Authority today welcomed the Association of Banks’ issuance of its Best Practice for Near Field Communication (NFC) Mobile Payment, which provides standards and guidelines for the new system.

These include requirements to ensure security for e-wallet payments, technical standards allowing interoperability by establishing industry standards, and enhancing the user experience through standardised operations.

At the beginning of the year, the authority set four developmental objectives: to enable multiple payment services on a single NFC-enabled mobile phone, service continuity when switching mobile networks, or when changing phones, and a high security level.

The authority held a seminar today to exchange views with the association and industry representatives, and will consider the security requirements noted by the guidelines in its ongoing supervision of NFC mobile payment services.