Concerns over security are limiting the rollout of mobile payments schemes by financial institutions, the Mobey Forum claims.
The Forum says banks are failing to understand the business implications of a variety of security options available, which would open the door for consumers to pay for goods and services from their phone rather than their credit or debit card.
It says secure elements including active and passive stickers, secure Micro SD cards, the UICC, embedded secure element, and trusted mobile base could all be used to allay banks fears over the potential for m-pay fraud.
The options are outlined in a white paper the Forum hopes will educate financial institutions, and so kick-start the m-payments market.
One of the key decisions banks must make is whether to become an SE vendor, issuer, application issuer, or a combination of all three, the Forum states.
“As a consequence, the FI will be able to choose the adequate SE alternative, and decide which process of key provisioning shall be implemented.”