The EPC’s white paper on mobile wallet payments was published on 21 January 2014.  The paper includes:

  • An updated description of scenarios where a mobile wallet is used for financial services.
  • A high-level overview of the mobile wallet ecosystem and an updated description of the different stakeholders involved.
  • Information on the technical aspects of mobile wallets.
  • Greater emphasis on the security aspects of mobile wallet infrastructures with their components and the secure environment to host the mobile payment application, or data, or both.
  • An annex providing a short description of the SEPA payment instruments.

The white paper concludes with a number of considerations and challenges faced to ensure that mobile wallet payments can be evolved successfully.

What this means for you

The EPC’s white paper provides a good starting point for all those in the industry to develop their understanding of mobile wallet payments.  It sets out a comprehensive introduction to the use of mobile wallet payments. As the use of smart phones and other devices increases, there can be no doubt that mobile payments will increase in popularity. As such, all those in the industry would benefit from becoming more familiar with them.