The Electronic Payments Association says its Payments Innovation Alliance has launched a Mobile Wallet Initiative to enable stakeholder companies and the broader mobile wallet community to leverage an “open” acceptance platform that includes support for retailer- and bank-branded mobile wallets for electronic payments.
Launched last year, The Alliance is a membership group of more than 200 member organizations from throughout the payments ecosystem and around the globe that encourages industry dialogue and collaboration to help advance domestic and global payments.
Initial work of The Alliance Mobile Wallet Team will include exploring pertinent topics such as the development of best practices, provisioning and acceptance issues, and implementation challenges.
Potential deliverables may include a white paper that will concentrate on bank-branded mobile wallets and the issues surrounding tender reciprocity by financial institutions and retailers, as well as a resource outlining best practices for leveraging ACH for mobile wallets.
The Alliance Mobile Wallet Team held its initial meeting in May, and will hold an in-person meeting during the Payments Innovation Alliance Members Meeting Sept. 29-Oct. 1 in Miami. The Members Meeting will feature discussion of a variety of payments-related topics, including a session dedicated to the current mobile wallet space and an in-depth look at the Mobile Wallet Initiative.
Since 1974, NACHA – The Electronic Payments Association has served as trustee of the ACH Network, managing the development, administration and rules for the payment network that universally connects all 12,000 financial institutions in the U.S. The Network, which moves money and information directly from one bank account to another, supports more than 90 percent of the total value of all electronic payments in the U.S.
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