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MasterCard have launched the Mobile Point-of-Sale (MPOS) Program, a global initiative that will provide best practices to mobile point-of-sale solution providers and merchants, ensuring simple and secure transactions when consumers use their debit, credit and prepaid cards.
Mobile devices are becoming a massive part of people's daily lives around the world, which is why MasterCard has been working to develop these devices into tools of commerce that give consumers and merchants new options for how they shop, pay for goods and receive payments.
James Anderson, Group Head, Mobile, MasterCard Worldwide, said, "The boom in mobile devices provides a huge opportunity for innovation across all industries - including payments. With nearly 6 billion mobile subscriptions around the world, there is tremendous potential to grow merchant acceptance."
The MasterCard MPOS Best Practices document contains guidance that solution providers and merchants should adhere to, including best practices regarding:
1. Securing MPOS Payment Applications
2. Securing Transaction Data Captured by an MPOS Card Reader Accessory
3. Securing Personal Account Numbers (PAN)
4. EMV Chip Transactions
5. Display of the MasterCard Acceptance Mark
6. Merchant Confirmation
7. Cardholder Verification Methods (CVM)
Will Graylin, CEO, ROAM Data, said, "We're very pleased that MasterCard is leading the efforts in providing necessary guidance to the industry for this important area that is rapidly expanding payment options for consumers and merchants."
According to MasterCard, there were approximately 1.2 million MPOS solutions shipped to MasterCard merchants globally, by the end of 2011. Significantly, approximately 75 percent of those merchants had previously not accepted payment card transactions. Over the coming months MasterCard has decided to continue with the expansion of the MPOS Program, due to the incredible amount of innovation and growth expected in this area.
For more information on mobile payments, see the latest research: Mobile Payments Market
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