The success of mobile payments depends heavily on collaboration amongst many different players – banks, carriers, retailers, OEMs. That's why the Electronic Transactions Association (ETA), the trade association of the global electronic payments industry, is creating a new industry-wide taskforce to help tackle some of the logistical challenges inherent in the deployment and adoption of mobile payments.
Announced today, the ETA's Mobile Payments Committee will include representatives from all four major U.S. operators – AT&T, Sprint, T-Mobile and Verizon. The committee will aim to 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.
In a statement, ETA CEO Jason Oxman said that mobile payments represent a "game-changing business opportunity" for the industry.
"Our industry must work collaboratively to ensure that the regulatory and business environment promotes innovation and cooperation," Oxman said. "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 new 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 operators, developers, financial institutions and device manufacturers.
Other ETA member companies participating in the Mobile Payments Committee include Google, Isis, Wells Fargo, Capital One, American Express, Discover, MasterCard, Visa, PayPal, VeriFone, Intuit, First Data, Panasonic and Neustar.
According to the ETA, the committee will help address issues such as: facilitating business relationships amongst a variety of players needed to ensure interoperability of payment systems; explore best practices; and education of legislators, regulators, merchants and consumers.
The Mobile Payments Committee will hold its first meeting in late August and will 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.
AT&T, T-Mobile and Verizon Wireless are all already a part of the mobile payments initiative Isis, while Sprint has backed Google's mobile wallet product.