Mobile payment guidelines could lead to new partnerships between telcos, banks

TORONTO – The banking industry and credit union system on Monday released a set of voluntary, secure, open guidelines for the development of mobile payments at point-of-sale in Canada that could help pave the way for partnerships between banks and big telcos. The voluntary guidelines, available here, are technically known as the Mobile Reference Model. They will serve as a blueprint for how mobile payment capabilities can be offered in the Canadian market, including guiding principles around how information is exchanged among the various parties to a transaction, including telecommunications companies, financial institutions, payment card companies and merchants, according to the...