The guidelines aim to provide definition for a fair, transparent and competitive Canadian market for emerging payment options with mobile devices. They are set to act as a blueprint for how mobile payment services 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.
Specifically, the guidelines will support the market in a number of areas by providing a common framework for how mobile payments capabilities can work with existing payments systems such as contactless readers installed across Canada. Additionally, the guidelines are designed to work with contactless payment technology. This benefits merchants and consumers by building on an existing system and leveraging high security standards used by chip-enabled credit and debit cards.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now