Mobile payment systems were designed for convenience, but the overall landscape has been a fragmented mess. Major carriers such as AT&T, Verizon and T-Mobile joined forces to create ISIS, while Sprint sided with Google Wallet. The division among major U.S. carriers seems to have, for now, stifled the potential of a definitive mobile payment solution. We’re finally making headway, though. The Electronic Transactions Association (ETA) announced a new Mobile Payments Committee that hopes to glue each payment service together.
Putting aside differences, this newly formed organization includes AT&T, Verizon, T-Mobile, Sprint , Verifone, PayPal, Intuit, ISIS and Google. Jack Moran, executive director of federal relations for Verizon, will serve as the presiding chairman of the committee. The group will be tasked with creating mobile payment laws and proving the benefit of mobile payment systems to consumers.
“The idea behind the committee is to get all the players around the table, ask everyone to take off their company hats and put on their industry hats, and talk about what issues need to be resolved,” CEO of the ETA, Jason Oxman told VentureBeat
The Mobile Payments Committee is scheduled to have its first meeting later this month and will continue with monthly meetings afterwards. While the formation of the group may not be an instant solution for the issues troubling the mobile payment industry, it’s definitely a step in the right direction.
ETA Launches Committee To Guide Emerging Mobile Payments Industry
Mobile Payments Committee Will Include All Four Major Mobile Network Operators and Develop and Implement Industry-Wide Solutions for Mobile Payments
WASHINGTON, DC ─ The Electronic Transactions Association, the trade association of the global electronic payments industry, today launched its new Mobile Payments Committee, an industry-wide task force of representatives from top companies in the innovative market of mobile payments, including all four major mobile network operators – AT&T, Sprint, T-Mobile, and Verizon. The Mobile Payments Committee will develop and implement industry-wide solutions to the complex policy and business issues surrounding the emergence of mobile payments in the U.S and globally.
“Mobile payments represent a game-changing business opportunity for our industry, and ETA’s mission is to help our member companies succeed in this business,” said ETA Chief Executive Officer Jason Oxman. “Our industry must work collaboratively to ensure that the regulatory and business environment promotes innovation and cooperation. As the trade association of the payments industry, ETA is the hub of activity in mobile payments, and our Mobile Payments Committee will help ensure that consumers and merchants have access to an efficient, reliable and secure mobile payments system.”
The Mobile Payments Committee is chaired by Jackie Moran, Executive Director of Federal Relations for Verizon, and includes representatives from ETA member companies engaged in all aspects of mobile commerce, including credit card networks, processors, mobile network operators, developers, financial institutions and device manufacturers. ETA also announced today that all four of the nation’s major mobile network operators – AT&T, Sprint, T-Mobile, and Verizon – have become ETA member companies and will participate in the Mobile Payments Committee.
“As a nascent industry, the mobile payments market is just beginning to realize its full potential as a robust enabler of global electronic commerce,” said Moran. “The Mobile Payments Committee is designed to ensure that the early stages of mobile payments are handled in the best possible way: With insight and ingenuity from all the players – private as well as public sector — involved in the exciting future of mobile payments.”
ETA is a global trade association representing more than 500 companies in all segments of the electronic payments industry. ETA leads, influences and grows the industry through networking, events, education and advocacy, and is the credible and unified voice of member companies responsible for more than 3 trillion dollars of annual payments transactions in the U.S.
Other ETA member companies participating in the Mobile Payments Committee include Google, Isis, Verizon, Wells Fargo, Capital One, American Express, Discover, MasterCard, Visa, PayPal, VeriFone, Intuit, First Data, Panasonic and Neustar. The Mobile Payments Committee will address several issues facing the future of mobile payments, including: the business relationships needed to foster innovation and achieve network interoperability among merchants, credit card companies, mobile networks, equipment operators, equipment manufacturers and financial institutions; exploring the necessity of “best practices” that ensure merchants and consumers have access to the most innovative and effective mobile payments solutions; the education of legislators and regulators developing public policy around mobile payments; and the education of merchants and consumers about the potential of mobile payments to provide a more efficient, reliable and secure experience at the point of purchase.
ETA’s Mobile Payments Committee will hold its first meeting in late August and hold regular monthly meetings thereafter. The Committee will frequently update companies engaged in the mobile payments industry as well as policymakers on relevant proposals and solutions. While these proposals will remain voluntary, the Mobile Payments Committee will work with member companies to implement them in a comprehensive manner to ensure that the new field of mobile payments provides consumers and merchants with the best, most reliable, and most secure system.
Companies interested in participating in the Mobile Payments Committee and/or becoming members of ETA should contact Rori Ferensic, [email protected] or 202-828-2635. [press_end]
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