Hong Kong banks agree on NFC m-payment standards

Wednesday 27 November 2013 10:44 CET | News

The Hong Kong Association of Banks (HKAB) has issued a set of common standards and recommended best practice guidelines for banks setting up mobile NFC payment services.

The Hong Kong Monetary Authority (HKMA), a division of the Hong Kong government, will take into account the security requirements outlined in the document when supervising banks NFC mobile payment services.

The best practices and standards have been developed by the HKMA and HKAB over the past eight months and cover three areas: security — ensuring the security of e-wallets and the payment process, and thereby the security of services, standards — establishing technical standards with reference to widely applied industry and international standards to enable interoperability between different NFC infrastructures, mobile devices and terminals and the continued development of NFC mobile payment services and operational process — introducing a standardised operational process.

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Keywords: Hong Kong, banks, NFC, m-payment standards, HKAB, HKMA
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce