The ability to pay for transit, groceries, and other products by simply waving a cell phone near a point-of-sale (POS) device represents a new frontier for payments. But how will security be managed in an ecosystem where financial institutions, mobile network operators (MNOs), and others need to come together to manage their own unique aspect of the payment process?

This white paper from the Smart Card Alliance focuses on a 'collaboration model', where financial institutions, MNOs, trusted third parties and other stakeholders in the mobile payments ecosystem cooperate in the management and deployment of mobile applications.

The paper introduces the players, their roles, and their responsibilities in assuring the security of sensitive data. It explains how the payment application, consumer credentials, and consumer account information (such as a credit card number) are securely delivered to, loaded on, and stored in a mobile device. It also identifies risks present during the lifecycle of the payment information stored on the mobile device and suggests appropriate countermeasures.

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