The Payment Systems Regulator (PSR) has published a web page on contactless mobile payments.
Mobile payments are payments which are initiated, transmitted or confirmed on a mobile phone or device. This can apply to online or offline purchases of services and digital or physical goods.
There are two broad categories of mobile payments:
- ‘remote payments’, which mostly take place through the internet; and
- ‘proximity payments’, which generally take place directly at the point of sale.
Contactless mobile payments are proximity payments where the phone or device is held near a reader module at the point of sale (for example, in a shop or on public transport). They require specifically equipped smart mobile devices which the readers can recognise.
On its web page the PSR notes that:
- it is analysing the responses from its earlier information requests to a wide range of participants in the contactless mobile payments sector; and
- it is considering how best to deepen or clarify its understanding of any issues. As part of this work, the PSR expects to re-engage with stakeholders in the coming months. It expects to publish a progress update in Autumn 2017 and will keep its web page updated as its work develops.
View Contactless mobile payments, 12 May 2017
