The Federal Reserve Banks of Atlanta and Boston have helped a number of leading telecom and e-payment companies reach a consensus on several issues dividing the mobile payments industry, according to Digital Transactions.
The Feds have to date hosted three of these meetings consisting of about 20 industry representatives, including software companies, processors, merchant and wireless trade groups, carriers, banks, and card-network companies.
A fourth meeting is scheduled for October, during which the group will attempt to produce a paper mapping out a strategy for advancing mobile payment, which up until now has been hindered due to disagreements between companies on technical matters.
These arguments have concerned security, where e-wallets should be kept, division of transaction fees, and most importantly, dynamic authentication, which is the process of generating on-the-spot unique identification credentials for transactions, according to DT.
The hope is that the resulting paper can be presented at conferences and circulated throughout various relevant industries to stimulate cooperative discussion on mobile payment.
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