Banks in Hong Kong have established standards for the creation of a Near Field Communication-based mobile payment infrastructure in the region.
The Hong Kong Association of Banks issued a document Nov. 25 titled, "Best Practice for NFC Mobile Payment in Hong Kong," citing standards and best practices around the operation and security of a mobile payment system.
The Hong Kong Monetary Authority will review the security requirements in its role as the supervising body of the banks NFC mobile payment services, the banks state in a press release.
The standards, developed through the banks over the past eight months, focus on three main areas security, technology and operations.
The banks want to apply industry and international standards that would enable interoperability between different infrastructures, mobile devices and terminals to allow NFC mobile payment to continue to advance in Hong Kong.
The standards document will allow banks and their business partners to develop and launch new services based on a set of common guidelines and technical standards, Peter Pang, Hong Kong Monetary Authoritys deputy chief executive, states in the press release.
"It will enable them to move towards objectives laid down by the monetary authority at the beginning of this year and to achieve interoperability among different services, Pang says.