Mobile Payments Business Has Shifted Gears

According to Richard Oliver, executive vice president with the Federal Reserve Bank of Atlanta, who says he is "flabbergasted" by the development, a wide range of current and would-be participants in the mobile payments business have agreed on a framework covering business and technology matters related to mobile payments, apparently for the first time.

"Dynamic authentication" is one of the issues the participants seem now to have reached agreement about, including ways of handling "on-the-spot" generation of unique identification credentials for each transaction.

The apparent consensus developed during a series of three meetings held earlier in 2010 that included executives from software companies, processors, and merchant and wireless trade groups, carrier, bank, and card-network representatives.

All of this suggests a common recognition that the fundamentals are in place for significant development of the budding business.

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