Hong Kong ready for NFC payment: study

Enterprise Innovation editors
Enterprise Innovation
With strong consumer acceptance of contactless payments, high smartphone penetration and increasing availability of NFC-enabled phones, Hong Kong is ready for the rapid take off of NFC mobile payment services.
 
This was among the findings of the new consultancy study on the development of Near Field Communication (NFC) mobile payment infrastructure in Hong Kong conducted by the Hong Kong Monetary Authority (HKMA).
 
The study confirmed that the region is moving towards a market-driven approach by which certain industry players are expected to implement shared NFC infrastructures to help participants offer interoperable NFC mobile payment services.
 
The HKMA agreed with the analysis, adding it will continue to monitor developments in the market to facilitate relevant infrastructure developments and to ensure that the interoperability principles can be achieved.
 
HKMA has prepared a draft set of standards and guidelines covering interoperability, operation guidelines and security measures on mobile wallet protection and payment transaction processing.
 
An industry working group will also be formed under the Hong Kong Association of Banks to discuss and finalize the guidelines.
 
"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," said Peter Pang, Deputy Chief Executive of the HKMA.

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