Bell ID says it has been collaborating with the UK-based Monitise Group, a mobile banking specialist, on a shared trusted service manager approach to mobile contactless payments. The project will bring together Monitise’s mobile money service, which has already been rolled out to consumers in the UK and North America, and Bell ID’s smart card and application management.
This shared TSM approach will create separate environments for both chip security and the management of consumer’s financial accounts, therefore combining card security with a mass-market, consumer interface.
“The mobile phone has quickly established itself as a major banking channel,” said Monitise’s Alastair Lukies, chief executive. “However, for contactless payments to become mainstream, the industry needs to work together to ensure that the service is bank grade from the outset.”