PRINCETON JUNCTION, N.J., October 15, 2019 – Consumers have more choices for payment than ever before, and with smartphones in the hands of 81% of Americans, mobile wallet payments have seen increased interest in the industry. To address this growing interest, the U.S. Payments Forum has released a white paper on emerging data elements that retailers can leverage for their mobile wallet strategy. The document gives an overview of the data elements available in mobile wallets, the availability of these for each global payment network and impact on retailer use cases including loyalty, troubleshooting and analytics.
The white paper, “How Emerging Data Elements Can Support Mobile Wallet Use Cases,” can be downloaded at https://www.uspaymentsforum.org/how-emerging-data-elements-can-support-mobile-wallet-use-cases/.
“We’ve seen significant advances for in-store payment transactions in the U.S. – particularly with more interest and opportunity for mobile-device-based digital payments,” said Randy Vanderhoof, director of the U.S. Payments Forum. “This white paper will help merchants, payment gateways and acquirers understand what emerging data elements are available with mobile wallets and how the use, or earlier or broader access to these data elements may benefit stakeholders in certain scenarios.”
This document includes:
- An introduction to three emerging data elements – token requestor identifier (TRID), wallet identifier (Wallet ID) and Payment Account Reference (PAR) – and what is the current global payment networks’ support for each
- Insight into use cases where access to these emerging data elements can have an impact on the transaction, including co-marketing, loyalty, troubleshooting, customer service and analytics and more
- Recommendations regarding access to these three emerging data elements for the identified use cases
To help provide education on new and emerging technologies, the U.S. Payments Forum has developed a number of additional mobile payment resources for merchants and issuers including:
- A white paper, “Mobile and Digital Wallets: U.S. Landscape and Strategic Considerations for Merchants and Financial Institutions”
- A webinar series, “Mobile and Digital Wallets Lunch & Learn”
- A white paper, “EMV Payment Tokenization Primer and Lessons Learned”
- A white paper, “Mobile and Contactless Payments Requirements and Interactions”
- A glossary for mobile and contactless payments
- A website, getcontactless.com
The Forum’s Mobile and Contactless Payments Working Committee focuses on projects to explore the opportunities and challenges associated with implementation of mobile and contactless payments in the U.S. market, identify possible solutions to challenges, and facilitate the sharing of best practices with all industry stakeholders. Current projects include a white paper on mobile authentication techniques and a mobile payments standards guide.
Next All-Member Meeting
Emerging data elements for use with mobile wallets will be part of the discussion at the next U.S. Payments Forum All-Member meeting this November. Payment industry leaders will gather to continue their efforts on the timely and effective implementation of EMV and other new payments technologies in the U.S.
The meeting is open to U.S. Payments Forum members only. Organizations, associations, government agencies and individuals interested in gaining access to this members-only meeting are invited to join the U.S. Payments Forum. The Forum is interested in increasing the number of financial institutions and merchant members in the organization and is inviting such organizations to contact the Forum office at [email protected] and request a guest registration for the November meeting. For more information about becoming a member, visit http://www.uspaymentsforum.org/membership/membership-application/.
TWEET THIS: Innovative tech is changing #payments & requiring the introduction of new data elements. Learn how these emerging data elements can support #mobilewallet use cases in the latest @USPaymentsForum resource: https://www.uspaymentsforum.org/how-emerging-data-elements-can-support-mobile-wallet-use-cases/
About the U.S. Payments Forum
The U.S. Payments Forum is a cross-industry body focused on supporting the introduction and implementation of new and emerging technologies that protect the security of, and enhance opportunities for payment transactions within the U.S. The Forum is the only non-profit organization whose membership includes the whole payments ecosystem, ensuring that all stakeholders have the opportunity to coordinate, cooperate on, and have a voice in the future of the U.S. payments industry.
Montner Tech PR