The Hong Kong Association of Banks (HKAB) has issued a set of common standards and recommended best practises for banks offering mobile near field communication (NFC) payment services in the country.
The unified guidelines have been designed to ensure the development of payment solutions by banks and payment service providers in Hong Kong.
"The Best Practice ensures NFC mobile payment solution offered in Hong Kong is convenient, interoperable, safe and secure," HKAB said in a statement.
The HKAB said that the Hong Kong Monetary Authority (HKMA) will consider security requirements in the ‘Best Practice’ when assessing the NFC mobile payment services by banks.
As per the recommendations, the Best Practice allows users to download multiple payment services from various banks and payment service providers onto a single NFC-enabled phone, to facilitate and promote mobile payments services according to the customers’ needs.
Moreover, users will continue to enjoy uninterrupted payment service when switching from one mobile network operator to another operator or changing one’s NFC-enabled phone.
The guidelines also allow customers to execute transactions with a high level of security, which is at par with global standards and relevant regulatory requirements.
HKAB chairman, Benjamin Hung, said the successful launch of the NFC mobile payment Best Practice. shows another joint effort by member banks to support the HKMA in driving towards an innovative payment infrastructure in Hong Kong.
"The Best Practice offers a good reference for banks and other stakeholders to start with when they develop their mobile payment solutions," Hung added.
