NACHA’s Payments Innovation Alliance launched a Mobile Wallet Initiative to enable stakeholder companies and the broader mobile wallet community to leverage an “open” acceptance platform that includes support for retailer- and bank-branded mobile wallets for electronic payments.
Launched last year, the alliance is a membership group of more than 200 member organizations from throughout the payments ecosystem and around the globe that encourages industry dialogue and collaboration to help advance domestic and global payments.
“A variety of mobile wallet models exist today and many bank- and business- branded solutions are in development, launching, or are already available to consumers,” says George Throckmorton, managing director, Advanced Payments Solutions at NACHA. “This new industry initiative is an opportunity for alliance members to demonstrate thought leadership about the potential for mobile wallets and lead the industry and the marketplace through collaboration to address key topics and concerns related to advancing the greater mobile wallet effort.”
Initial work of The Alliance Mobile Wallet Team will include exploring pertinent topics such as the development of best practices, provisioning and acceptance issues, and implementation challenges.
Potential deliverables may include a white paper that will concentrate on bank-branded mobile wallets and the issues surrounding tender reciprocity by financial institutions and retailers, as well as a resource outlining best practices for leveraging ACH for mobile wallets.