The Smart Card Alliance announced that its Executive Director Randy Vanderhoof went before Congres to testify on mobile payments and the advantages of NFC contactless payment technology.
According to the SCA, Vanderhoof was called to be a witness at the Committee on Financial Services hearing, “The Future of Money: How Mobile Payments Could Change Financial Services.”
Vanderhoof’s testimony centered on the evolution of mobile payments technology and its potential future impact on financial services.
“The future of money, as this hearing is entitled, is being positively impacted by mobile technology,” said Vanderhoof. “The changes in financial services addressed at this hearing are being well managed and securely protected by the smart card elements that integrate NFC technology into mobile devices, and the collective knowledge and resources of the financial and mobile industries.”
Vanderhoof went on to summarize 20-year collaborative involvement of multiple international standards bodies in applying smart card technology to protect payment accounts and mobile phone subscribers.
“The culmination of this global effort is that NFC contactless mobile payments technology is grounded in global standards, established certification processes and industry best practices that strongly position NFC to deliver consumer value, protection and reliability,” said SCA in a release.
Click here to read the full testimony.