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When Google recently updated their Wallet functionality with the ability to use any credit card with their NFC-based mobile payments system, just about everyone with an NFC-equipped device was ready to start using their smartphones to make transactions. The only problem was finding a retailer or merchant that actually accepted NFC payments.
Google knows this. And so do other financial institutions looking to break into the world of mobile payments. I guess that’s why Google, Isis, Paypal, Verifone, and the “Big 4” carriers in the US have banded together to form the Mobile Payments Committee — a Justice League of mobile payments companies — in an effort to keep the technology moving forward, and increase adoption amongst merchants. Also joining hands for the cause are financial institutions such as Wells Fargo, Capital One, American Express, Discover, MasterCard, Visa — you get the picture. Pretty much everyone wants you to start using your phone to pay for your next pair of skinny jeans.
With all those powers combined, they’ll soon begin engaging in lobbying activities, educating legislators and regulators, merchants, and consumers in the ways of NFC. Full press release can be found below.
ETA Launches Committee To Guide Emerging Mobile Payments Industry
Mobile Payments Committee Will Include All Four Major Mobile Network Operators and Develop and Implement Industry-Wide Solutions for Mobile Payments
WASHINGTON, DC — The Electronic Transactions Association, the trade association of the global electronic payments industry, today launched its new Mobile Payments Committee, an industry-wide task force of representatives from top companies in the innovative market of mobile payments, including all four major mobile network operators – AT&T, Sprint, T-Mobile, and Verizon. The Mobile Payments Committee will develop and implement industry-wide solutions to the complex policy and business issues surrounding the emergence of mobile payments in the U.S and globally.
“Mobile payments represent a game-changing business opportunity for our industry, and ETA’s mission is to help our member companies succeed in this business,” said ETA Chief Executive Officer Jason Oxman. “Our industry must work collaboratively to ensure that the regulatory and business environment promotes innovation and cooperation. As the trade association of the payments industry, ETA is the hub of activity in mobile payments, and our Mobile Payments Committee will help ensure that consumers and merchants have access to an efficient, reliable and secure mobile payments system.”
The Mobile Payments Committee is chaired by Jackie Moran, Executive Director of Federal Relations for Verizon, and includes representatives from ETA member companies engaged in all aspects of mobile commerce, including credit card networks, processors, mobile network operators, developers, financial institutions and device manufacturers. ETA also announced today that all four of the nation’s major mobile network operators – AT&T, Sprint, T-Mobile, and Verizon – have become ETA member companies and will participate in the Mobile Payments Committee.
“As a nascent industry, the mobile payments market is just beginning to realize its full potential as a robust enabler of global electronic commerce,” said Moran. “The Mobile Payments Committee is designed to ensure that the early stages of mobile payments are handled in the best possible way: With insight and ingenuity from all the players – private as well as public sector — involved in the exciting future of mobile payments.”
Other ETA member companies participating in the Mobile Payments Committee include Google, Isis, Verizon, Wells Fargo, Capital One, American Express, Discover, MasterCard, Visa, PayPal, VeriFone, Intuit, First Data, Panasonic and Neustar. The Mobile Payments Committee will address several issues facing the future of mobile payments, including:
• the business relationships needed to foster innovation and achieve network interoperability among merchants, credit card companies, mobile networks, equipment operators, equipment manufacturers and financial institutions;
• exploring the necessity of “best practices” that ensure merchants and consumers have access to the most innovative and effective mobile payments solutions;
• the education of legislators and regulators developing public policy around mobile payments; and
• the education of merchants and consumers about the potential of mobile payments to provide a
more efficient, reliable and secure experience at the point of purchase.ETA’s Mobile Payments Committee will hold its first meeting in late August and hold regular monthly meetings thereafter. The Committee will frequently update companies engaged in the mobile payments industry as well as policymakers on relevant proposals and solutions. While these proposals will remain voluntary, the Mobile Payments Committee will work with member companies to implement them in a comprehensive manner to ensure that the new field of mobile payments provides consumers and merchants with the best, most reliable, and most secure system.
[Via MobileBurn | Engadget]
So why is VZW still blocking Wallet then? If they really wanna see progress stop hindering it!
think of it as friendly competition. they all see the same big picture and want the same thing so they make an alliance to help make sure its done right BUT they all have different ways to carry out this goal …
I thought american express wasnt with the whole google wallet thing.
They’re all for NFC payments, but have their own ways of carrying it out.
If paypal is a part of this I would rather store my paypal credentials on phone rather than my CC numbers. Maybe even require a quick log in on the phone before holding it up to the terminal so if my phone is ever stolen they would need my password to get in. Only drawback is I assume the phone will need an active data connection which could be a problem in certain areas.
That is how it works now
Paypal NFC FTW
did i miss the list of paces that do have NFC payments now! I mean cause thats all I really care about, now and as it gets bigger. just saying ;)
Where Wallet Works (and hopefully, the future compatible payment systems rolled into one): http://www.google.com/wallet/where-it-works.html
Hey thx for the link it works at McDonald’s just used it ;-)
If only as much effort was put into finding a way to abolish ‘money’ as is put into finding new ways of moving the stuff in rich pockets, this world might become a bare able place for the masses.
Go back to your commune, smellyhippie! :)
Quite the opposite, it’s technology that’s making it possible, it’s the lack of attention that’s holding it back the most now.
You really happy to HAVE to work your 40 hours a week so some rich bastard can have even more of your dreams?
I look forward to reading your next manifesto, Ted :)
Yeah, I’d rather just not have a house or food. Your point is so valid.
You wanna carry on doing some shitty ass job so you can pay a robot to grow your food and deliver it to you while travelling past houses being made by other robots?
Why is it so hard to find jobs now? Because machines are taking all the jobs, they’d take even more if there weren’t tax breaks for employing people.
I recommend watching the Zeitgeist movies, might open up your mind to something that’s not been packaged up and approved by those with all the money and power in this world!
Once you’ve actually bothered to look into the validity of my point, your statement might carry some weight.
So we should purge our society of technology, destroy all those lazy, sloven fat cats that don’t work (But instead have to handle a little thing called responsibility that you don’t have to worry about), and pay everyone a million dollars an hour to grow corn and build shotty, hand-crafted houses. Once you’ve actually bothered to use common sense to escape your false utopia, your statement might carry some weight.
*Wah* I’m not rich and I hate it! *Wah*
I would give up NFC before using those crooks from paypal.
oh wait…..they are not all suing eachother over “a square credit card with round edges” or “making payments with the ‘reach out arm’ guesture” or “paying for something with an app on a phone”
UNHEARD OF!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
:-)
you gave me the idea and I just registered all those things with the patent office.
Then you used to clearly be a very wealthy man ;)
Did I see a Captain Planet reference? =.D
Sing with me now!
Captain Mobile,
He’s the hero!
Gonna take… errr… your money down to zero!
xp
Yes! This is what we’ve been waiting for! Hopefully more comes from this than the Open Handset Alliance.
Now if they would only work together enough to let me use Google Wallet on my AT&T SGIII, rather than be forced to use whatever program they haven’t even come out with yet.
So that’s why it didn’t work when I tried it. I didn’t know you had to physically tap it. I thought you just held it up like a NFC enabled credit card. Derp! on my part.
And these companies need to get this going, people looked at me like I was crazy when i tried it and it didn’t work. and stop blocking apps too. coughcoughVerizoncough
Yup. If it just did stuff, it’d be a little too easy to get robbed.
Chris, I’m so disappointed that you didn’t use a Captain Planet related pic.
hmm…no apple ay?
I dream of the day of no longer carrying a wallet
I hope they also include a way of reporting locations where the terminal doesn’t work, and acting on it to get it fixed quickly.
Wasn’t ISIS already a committee? This feels like a combo of The Avengers and Inception.
Maybe you are thinking of “Archer.” LOL