The Chapter will bring all the key players of the mobile financial services on the single platform, thus helping them to act collectively to deal with the shortcomings and initiate necessary steps for sustainable mobile payment services in the North American region, the firm said.
The consortium members, which includes American Express, Bank of America, Capital One, CIBC, MasterCard, TD Bank Group, US Bank and Visa, will act together to deliver sustainable, long-term mobile services to the mass market, claims Mobey Forum.
Mobey Forum executive director Sirpa Nordlund said banks and payment service providers in North America are yet to clarify their opinions on how to develop mobile payment services.
"By establishing guiding principles for the ecosystem, based on the premise that no single stakeholder’s role should undermine consumer confidence or inhibit widespread adoption, we aim to accelerate the evolution of mobile payments to the benefit of consumers and all involved," Nordlund added.
Working with organizations in areas related to MFS, Mobey Forum helps its industry partners by sharing knowledge to facilitate the adoption and deployment of mobile payments created on open standards.
