Compelo Banking is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More

HKMA identifies NFC payments infrastructure development in Hong Kong

The Hong Kong Monetary Authority (HKMA) has published its findings and recommendations for the development of Near Field Communication (NFC) mobile payment infrastructure in Hong Kong.

With an aim to achieve interoperability among all NFC mobile payment services, a study was conducted to focus on identifying the ideal approach to set up a safe and efficient payment infrastructure.

The four development objectives of the study include an ability to download multiple payment services from various banks and payment service providers onto a single NFC-enabled phone.

The payment service must be continuing despite switching from one mobile network operator to another operator.

Payment service continuity must be provided despite shifting one’s NFC-enabled phone and a high level of security as per the international standards and relevant regulatory requirements.

HKMA deputy chief executive Peter Pang said, "The HKMA will work with the industry to promote a fully interoperable and versatile platform to enable Hong Kong to enter into a new era of diversified retail payments."

Due to strong consumer acceptance of contactless payments, high smartphone penetration and increasing availability of NFC-enabled phones, Hong Kong provides a lucrative business destination for NFC mobile payment services providers.

A draft of standards and guidelines will be reviewed and discussed, following which a final decision will be taken by the second half of 2013.