With an aim to achieve interoperability among all NFC mobile payment services, a study was conducted to focus on identifying the ideal approach to set up a safe and efficient payment infrastructure.
The four development objectives of the study include an ability to download multiple payment services from various banks and payment service providers onto a single NFC-enabled phone.
The payment service must be continuing despite switching from one mobile network operator to another operator.
Payment service continuity must be provided despite shifting one’s NFC-enabled phone and a high level of security as per the international standards and relevant regulatory requirements.
HKMA deputy chief executive Peter Pang said, "The HKMA will work with the industry to promote a fully interoperable and versatile platform to enable Hong Kong to enter into a new era of diversified retail payments."
Due to strong consumer acceptance of contactless payments, high smartphone penetration and increasing availability of NFC-enabled phones, Hong Kong provides a lucrative business destination for NFC mobile payment services providers.
A draft of standards and guidelines will be reviewed and discussed, following which a final decision will be taken by the second half of 2013.
