Mobile Payments Toolkit

Background: A Federal Reserve Bank of Boston whitepaper on the U.S. mobile payments landscape issued in May 2013 does an excellent job of foreshadowing the development of mobile payments.

“The mobile device has become a pivotal driver in creating a dynamic marketplace that is bringing diverse companies and sectors together, both as competitors and collaborators and across traditional boundaries of industry and technology.

“In the retail payment space, these changes have created a market that offers digital and mobile wallets, near-field communication (NFC) and cloud-based, point-of-sale (POS) solutions, mobile apps and Quick Response (QR) barcodes.

“Large banks are collaborating through joint ventures, partnerships, consortiums and bilateral relationships with mobile network operations, card networks, retailers, mobile solution providers and well-funded innovative startups to implement numerous mobile payment solutions. In some instances, stakeholders are experimenting with multiple approaches to see what customers will use and what merchants will accept.”

This report comes more than a year before Apple’s launch of Apple Pay, which enables mobile payment functionality from its new iPhone 6 smart phone devices equipped with: a NFC antenna design; a dedicated EMV chip; and fingerprint security.

Purpose: To provide community bankers information about mobile payment technologies and services and how they will impact mobile commerce (m-commerce) and e-commerce transactions and the payment services community banks provide for their customers.

The ICBA Mobile Payments Toolkit is an information resource for community banks on the latest developments in the mobile payments landscape. The Toolkit will include fact sheets, FAQs, media statements and relevant articles on mobile payments.