The European Payments Council (EPC) has just published a white paper arguing the case for contactless mobile payment in the single euro payments area (Sepa), according to finextra.com.
In the report, the EPC says the mobile phone provides an “ideal launch pad for Sepa payment instruments,” adding that “the availability of practical Sepa mobile payments, either account or card-based, would provide a realistic alternative to cash and checks.”
Sepa is an initiative aimed at creating an international zone for the euro in which all electronic payments are considered domestic, and where a difference between national and intra-European cross border payments does not exist, enabling customers to make cashless euro payments to anyone in the area using only a single bank account and a single set of payment instruments.
The report also states that contactless mobile payment can provide cost savings, increase business volume, reduce security threat and improve marketing opportunities.
EPC chairman Gerard Hartsink says the council is working with groups such as the GSMA to hammer out interoperability standards and business rules for the initiation of mobile Sepa payments.
“Our intention is to establish a service framework sufficient to reach potentially all payers and payees in the European Economic Area,” says Hartsink, “and to create a trusted and secure environment for the multiple stakeholders active in the field.”
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