The governing council of the European Central Bank has launched a new initiative aimed at improving the security of mobile payments, underscoring the increasing use of m-payment services by individuals and businesses in Europe and beyond – and the crucial importance of making such services as safe and secure as possible.
The ECB – which oversees the European single currency as well as certain financial regulations in the 17-nation “eurozone” – released 14 draft recommendations last week, which will now undergo a period of public consultation until late January. All are aimed at enhancing m-payment security as well as trust in m-payments.
The proposals cover a range of issues relating to m-payment security, including customer authentication and data protection in transactions initiated using contactless technology or via mobile operators’ channels or “in-app” purchases. Not covered in the initiative are payments made using a web browser on a mobile device…
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