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Banking group comes out with mobile payment guidelines

May 17, 2012

In an effort to make the mobile merchant services more secure, the Canadian Bankers Association recently came out with new guidelines for industry professionals.

In an effort to make the mobile merchant services more secure, the Canadian Bankers Association recently came out with new guidelines for industry professionals.

The newly introduced Mobile Reference Model seeks to give those in the Canadian financial sector ways to ensure that the near field communication payment system runs smoothly. The group states that having a set of guidelines which all intuitions follow is vitally important to streamline the process.

“A common framework allows for efficiency in the market in developing new mobile payments solutions for Canadians, as individual service providers will benefit from the foundation provided in these guidelines and can focus their investment on adding value for consumers,” the group stated in its release.

One way that firms can ensure that credit card information doesn’t get into the wrong hands is by complying with payment card industry (PCI) standards. By achieving PCI compliance, merchants can help protect data and prevent theft. There are fewer things as important to a business than earning a client’s trust through strategic implementation of security.

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