European Payments Council publishes updated mobile wallet payments white paper

The white paper has been written in a non-technical style to inform payment service providers, their customers and all the stakeholders involved in the payments value chain about the EPC’s views on the usage of mobile wallets as an enabler for m-payments in SEPA.

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 while the mobile wallet ecosystem is analysed. This white paper further describes various mobile wallet models enabling m-payments 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.

To enable a cost-effective approach for all stakeholders involved in the mobile wallet payments ecosystem, a number of key challenges remain to be addressed in the future regarding this topic:
• Harmonisation of user interfaces to enable a consistent user experience (easy to use, intuitive, etc).
• Co-existence of payment with other mobile services in a mobile wallet.
• Co-existence of multiple mobile wallets on or accessed through a single mobile device.
• Linkage of mobile wallets in the payer’s space with merchant wallets.
• Interoperability of mobile wallet interfaces.
• Execution of proximity payments with remote mobile wallets.
• Alignment of mobile wallet security aspects (including authentication) with existing and forthcoming requirements for m-payments related to mobile wallet interfaces and infrastructure. (See, for example, the “Recommendations for the security of internet payments” and the draft “Recommendations for the security of mobile payments” published by the European Central Bank.)
• Coordination amongst various industry initiatives on mobile wallets.

In the meantime, the newly published white paper is intended to be a useful resource for any stakeholders engaged in the debate around mobile wallets and their role in the payments landscape.

To consult the document follow the link below:
EPC White Paper Mobile Wallet Payments – Edition January 2014