American Express, MasterCard, Visa and JCB have joined forces to standardize methods of authenticating cardholder identities and provide a secure way for consumers to make purchases from mobile phones and other portable devices.
Focusing on payment card transactions, which are used in almost 93% of all e-commerce transactions, the Mobile Payment Forum will address key areas such as interoperability, passwords, cardholder authentication and encryption methods. The Forum aims to offer consumers a secure and seamless m-commerce payment experience with greater consistency, regardless of where they are in the world, what device they use, where they shop or which payment card they use.
The Forum hopes to be instrumental in reducing industry fragmentation and establishing a more stable environment for vendors to develop products. The Forum’s members will include financial institutions, telecommunications operators, wireless-device manufacturers, merchants, content providers, and software and hardware developers and vendors.