Overview

With mobile payments growing globally, it is clear that what was previously carried in a wallet is now being consolidated in a compact device — principally, the mobile phone. Innovative technologies, such as NFC, have made this development possible, while the variety of mCommerce services, differing interpretations of standards and different implementation models have made integration a challenge. UL is facilitating the implementation of mobile payments projects globally, providing perspectives on different models and issues related to various systems, examining the convergence of mobile banking and payments, identifying hardware- versus software-based security and exploring security challenges with host card emulation (HCE) relative to the NFC ecosystem.

UL has developed more than 1,000 Standards for Safety.

These are essential to public safety and confidence, reducing costs, improving quality, and marketing products and services. Millions of products and their components are tested to UL's rigorous safety standards with the result that consumers live in a safer environment than they would otherwise.

Get more New Science

+1 847.664.2040

SOURCES

1.

Gross, D., "Most People Will Make Purchases via Phones 2020," CNN, 17 Apr. 2012. Web: 27 Feb. 2014.
http://www.cnn.com/2012/04/17/tech/mobile/mobile-payments-pew/

2.

"Mobile Payments to Reach $1.3tn Annually by 2017, as NFC and Physical Goods Sales Accelerate," Juniper Research, 15 Aug. 2012. Web: 9 May 2014.
http://www.juniperresearch.com/viewpressrelease.php?pr=332

3.

Hamblen,M., "Despite Apple, NFC is catching on -- just not for payments quite yet," Computerworld, 19 Dec. 2012. Web: 25 July 2014.
http://www.computerworld.com/s/article/9234736/Despite_Apple_NFC_is_catching_on_just_not_for_payments_quite_yet

4.

"Global Near Field Communication Chip Market 2011-2015," technavio, 17 Aug. 2012. Web: 12 June 2014.
http://www.technavio.com/report/global-near-field-communication-chip-market-2011-2015