The Electronic Transactions Association has launched a Mobile Payments Committee (MPC) that brings together Google, PayPal, the U.S.’s four main mobile carriers – AT&T, Sprint, T-Mobile, and Verizon – and major financial institutions in the name of advancing the mobile payments industry.
According to the ETA, the trade association of the global electronic payments industry, the committee will work to develop and implement industry-wide solutions for the policy and business issues surrounding the emergence of mobile payments in the U.S. and around the world.
“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 CEO Jason Oxman. “Our industry must work collaboratively to ensure that the regulatory and business environment promotes innovation and cooperation.”
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. The full list of MPC members includes: Isis, Wells Fargo, Capital One, American Express, Discover, MasterCard, Visa, PayPal, VeriFone, Intuit, First Data, Panasonic and Neustar in addition to Google, PayPal, AT&T, Sprint, T-Mobile, and Verizon.
“As a nascent industry, the mobile payments market is just beginning to realize its full potential as a robust enabler of global electronic commerce,” added 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.”
The Mobile Payments Committee will address several issues facing the future of mobile payments, including:
The business relationships needed to 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.
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.
The Mobile Payments Committee will hold its first meeting in late August and hold regular monthly meetings thereafter.