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Payments NZ launches new standards for mobile payments

Payments NZ launches new standards for mobile payments

25 March, 2014 – New options for making payments by mobile phone are expected to appear later this year, and Payments NZ has launched new Mobile Device Rules and Standards that will govern the mobile payments system, and protect businesses and consumers.

The new standards will ensure the integrity, efficiency and security of mobile payments. That means when telecommunications companies and banks launch new payment options for their customers, there is already an industry-agreed system in place.

“The new rules help protect the credibility and security of domestic payments, which will give customers greater confidence to use the technology,” Payments NZ CEO Steve Wiggins said.

Mr Wiggins said customers will be able to choose from a range of payment options.

“Today, customers use any card they want to pay for goods. Soon, they’ll be able to choose an application on their mobile phone to do the same thing.”

When contactless mobile payment applications are rolled out by banks and telecommunications companies later this year, Near Field Communications (NFC) capable smartphones and contactless-capable point-of-sale terminals will be compatible. This will work in a similar way to contactless payment options that come with some credit and debit cards now.

Customers will be able to take their items to the counter and tap their NFC-capable smartphone to pay.

Mr Wiggins said Payments NZ consulted widely on developing the standards to ensure they can support future innovation.

“We’re confident the Rules and Standards will meet the needs of emerging technologies this year, as well as maintain the flexibility to respond to new developments in the rapidly evolving market. We’re now looking forward to seeing what the industry comes up with in terms of mobile payments,” Mr Wiggins said.

ENDS

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