EPC releases new SEPA m-wallet white paper

The EPC feels that the use of mobile wallets for payments has the potential to create and boost customer convenience. According to the recently released white paper, a mobile wallet may include information related to electronic identifications, digital signatures and certificates, log-in information and billing and delivery addresses as well as payment instrument related information such as SEPA Credit Transfer and SEPA Direct Debit services and payment cards (prepaid/purse, debit, credit).

The EPC also highlights the fact that adding other mobile services (such as ticketing, loyalty, couponing, etc.) would boost customer convenience and, consequently, trigger increased use of m-payment options included with the device.

To enable a cost-effective approach for all stakeholders involved in the mobile wallet payments ecosystem, the EPC has identified a number of key challenges need to be addressed:

• The co-existence of multiple mobile wallets on or accessed through a single mobile device.
• Co-existence of payment with other mobile services in a mobile wallet.
• Harmonisation of user interfaces to enable a consistent consumer experience.
• Interoperability of mobile wallet interfaces.
• Linkage of mobile wallets in the payer’s space with merchant wallets.
• Proximity payments with remote mobile wallets.
• Alignment of mobile wallet security aspects (including authentication) with existing and forthcoming requirements for m-payments.

The EPC encourages an open dialogue and collaboration of all relevant stakeholders so that these issues are addressed adequately while contributing to the success of m-payment services through mobile wallets.

More about the EPC mobile wallet payments white paper
This document outlines, among other things, how trust in, and availability of, a wide range of easy to use services offered with mobile wallets may be regarded as a facilitator for m-payments. The document first describes a number of use cases of mobile wallets for financial services as an introduction to the subject. Next it explains how mobile wallets may be regarded as a facilitator for m-payments and the mobile wallet ecosystem is analysed.

The white paper further describes various mobile wallet models which may be identified in the market today. It also contains a high level overview of some technical and life cycle management aspects and provides a list of the main industry and standardisation bodies involved. The document addresses the usage of a mobile wallet for the access and initiation of both mobile contactless and mobile remote payments.