The future of mobile payment : quest for standards

TL;DRAbstract

Abstract: Converging technologies have resulted in a new payment solution known as Mobile Payment. As in other technologies, standards determine the success of the new solution in the market. Unfortunately, standard setting is not a simple process because of various reasons. As a result, there is no standard yet for Mobile Payment, although there are numerous efforts by Mobile Payment’s actors. Through a case study, this paper describes the complexity in standard-setting process for Mobile Payment. To achieve the required standards, the actors conduct cross-industry negotiation and, at the same time, need to form an inter-industrial collaboration. At present, a number of consortia exist as the media, but there is no common agreement reached neither for the solution nor for the method to proceed. Having a Memorandum of Understanding (MoU) between actors is likely to provide a resolution to be able to go further with the standard-setting process.

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