Finance industry releases guidelines for mobile payments in Canada

Mobile Reference Model

The guidelines, known as the Mobile Reference Model, were developed following the government’s Task Force for the Payments System Review 2011 and come as a result of the continuing adoption of smartphone technology and increase in demand for mobile payments in Canada (view press release). They were developed by major Canadian banks and credit union groups, are voluntary and open, and intend to serve as a blueprint regarding how payment capabilities can be offered to the Canadian market. The guidelines will advise on how information is exchanged between the parties involved in a transaction such financial institutions, card companies, telecom companies and merchants and, although voluntary, are designed to ensure safety, security and ease of use for merchants and consumers while also encouraging innovation and competition in the market.

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