Canadian Bankers Set Guidelines for Mobile Transactions
May 17, 2012
Representatives of the banking industry in Canada this week released a set of voluntary standards they hope will serve as a blueprint for companies in the country that want to offer mobile payments. The Canadian Bankers Association’s (CBA) Mobile Reference Model offers guidelines on how information should be exchanged between financial institutions, payment card providers, telecoms and merchants during mobile transactions.
“The guidelines are designed to provide clarity to the marketplace as various participants consider how they will meet the growing demand for mobile payments in Canada,” the CBA said in a statement. “These guidelines were developed as an outcome of the [Canadian] government’s Task Force for the Payments System Review in 2011, and provide definition for a fair, transparent, and competitive Canadian market for emerging payment options with mobile devices.”