Gearing Up For The Mobile Wallet

Gail Chiasson, North American Editor

Canada was one country that was less hit with the last recession, largely due to the strength of its banking system, so it comes as no surprise that Canadian financial institutions have been eyeing the growing interest in mobile payments and gearing up for same.

The Canadian Wireless Telecommunications Association made us aware of the Canadian Bankers Association announcement that the banking industry and credit union system have established a set of voluntary, secure, open guidelines for the development of mobile payments at point-of-sale in Canada. The guidelines, technically known as the Mobile Reference Model, will serve as a blueprint for how mobile payment capabilities can be offered in the Canadian market, including guidelines around how information is exchanged among various parties to a transaction including financial institutions, payment card companies, telecommunications companies and merchants.

The participating financial institutions are: BMO Financial Group; National Bank; CIBC; Credit Union Central of Canada; Desjardins Financial Group; Royal Bank of Canada; Bank of Nova Scotia; and Toronto Dominion Bank. The Mobile Reference Model (Guidelines) is available here.

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